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RES sells 25-MW subsidy-free wind project in UK to ERG

Wind farm in Italy. Source: ERG SpA (www.erg.eu).

May 2 (Renewables Now) - UK-based Renewable Energy Systems Ltd (RES) has sold its 25-MW Craiggore wind farm in Northern Ireland to a unit of Italian energy company ERG SpA (BIT:ERG).

ERG UK Holding Ltd has taken over Craiggore Energy Ltd, the holding company for this subsidy-free project. It estimates that a total of GBP 37 million (USD 48.3m/EUR 43m) will be required to build the wind farm, including the acquisition price.

The transaction marks the financial close for the 10-turbine project, which will be executed by RES at a site in County Londonderry. The developer anticipates to begin construction work in the fourth quarter of 2019 and to have the wind farm up and running in early 2021.

RES noted that Craiggore is the first asset within a 200-MW-plus portfolio of consented UK onshore wind projects that do not rely on subsidies and are expected to achieve financial close within the next year.

ERG, in turn, now has 188 MW of capacity under construction in the UK, including Craiggore.

(GBP 1.0 = USD 1.305/EUR 1.164)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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