ERG has signed an agreement to acquire solar projects in Spain totalling just under 92MW.
ERG, with GEI Subasta 1, has signed an agreement to acquire the entire capital of two project companies which own two solar plants in operation in Castilla de la Mancha and Andalusia, with a capacity of 50MW and 41.6MW, respectively.
The transaction’s purchase price is €96.2m (asset value).
The closing is expected in the first quarter of 2022.
ERG chief executive Paolo Merli said: “Earlier than envisaged and in line with the 2021-2025 business plan, ERG has entered Spain with the acquisition of a very recently commissioned photovoltaic portfolio that can boast the best technologies currently on the market.
“The operation allows us to continue our path towards the assets portfolio repositioning featuring a greater geographical diversification and incidence of solar power.”