Italian energy company ERG is to acquire French company Les Moulins de Frouges, which owns six operational wind farms in France totalling 52MW.
The deal between French subsidiary ERG Eolienne France and Zurich-based Profond Finanzgesellschaft is valued at €52.2m.
The wind farms are located in the Hauts-de-France region of northern France and have been operating since between 2007 and 2009.
ERG expects the transaction to close during the second quarter of 2019 and is subject to the consent of the French Ministry of Economy and Finance.
ERG managing director Luca Bettonte said: “This acquisition allows ERG to reach 360MW of installed capacity in France, consolidating its position in the country, and accelerating the growth path envisaged in the business plan.
“The knowledge of the acquired parks, of which we have taken care of the technical and commercial management since the construction, and their geographical proximity with other ERG operational and logistic assets in the country, will facilitate the obtaining of synergies also through future repowering interventions.”
Unicredit was financial and mergers and acquisition advisor to ERG on the deal, with Orrick acting as legal advisor and E&Y accounting and tax.