ERG will create a strategic partnership with Apex Clean Energy to manage an already in operation wind and solar project portfolio and potentially expanding it.
This agreement represents the first step of ERG in the overseas market involving the establishment of a US-based holding company that will include a wind farm and a solar plant, both recently started-up.
The portfolio covers a total of 317MW of installed capacity and an estimated production of around 1TWh, besides a cooperation agreement in relation to new solar and onshore wind projects of about 1GW under development in the US.
ERG will own a 75% stake of the holding and Apex the remaining 25%. Apex will continue the operational management of the assets.
The portfolio includes an operational 224.4MW onshore wind farm in Iowa, which commenced operation in the first half of 2023, with an estimated annual production of more than 800GWh, and an operational 92.4MW photovoltaic plant in Illinois, which commenced operation in the second half 2022.
Paolo Merli, CEO of ERG, commented: “We proudly announce the entry of ERG in the US renewable market. A unique opportunity to continue growing our project portfolio, increasing geographical and technological diversification, with the acquisition of best-in-class operational assets and significant growth prospects through a cooperation agreement for about 1 GW under development.
“We have had the opportunity to appreciate Apex’s seriousness, know-how and excellent track record. We expect to present our strategy and growth targets in the U.S. to the financial community in the first half of next year with the 2024-28 industrial plan. This strategic partnership concludes a 2023 of significant changes and exceptional growth for ERG, now a pure and more international renewable player.”