Italian developer ERG has agreed to buy three onshore wind farms in north-east Germany totalling 34MW.
The developer reached a deal with German investment group Aquila Capital for the unnamed projects in Mecklenburg-Western Pomerania.
The projects feature a total of 11 Vestas V112 turbines and have been under ERG’s operation for the last two years.
ERG pegged the equity value of the acquisition at €39m and said the transaction will have an enterprise value of €83m.
The developer predicted the projects will generate an average of 89GWh each year, bringing in annual earnings before interest, tax depreciation and amortisation of €7m.
“This acquisition takes ERG’s presence in the German onshore market to 272MW of installed capacity,” said ERG chief executive Luca Bettonte.
“These projects are best-in-class in terms of the technology they use and the windy site conditions they enjoy,” he added.
The transaction will be finalised in the third quarter of this year, subject to approval by the German antitrust authorities.