ERG Power Generation SpA signed an agreement to acquire a 78.5% stake in an entity that owns two solar photovoltaic projects in Italy with a combined capacity of 51.4 MW for approximately €221 million.
The ERG SpA subsidiary signed a deal with Soles Montalto GmbH, an investment fund managed by asset manager AREAM group, to acquire a majority stake in Perseo Srl which owns Andromeda PV Srl
Andromeda PV manages the two photovoltaic generation facilities, which are equipped with SunPower Corp. technology and monoaxial trackers, according to a Jan. 11 news release.
Subject to the lending institutions agreeing to the change of control in Perseo, the transaction is expected to be completed in the first quarter of 2019. Soles Montalto will remain a minority quota holder.
For the transaction, ERG was assisted by Rothschild, DLA Piper, Fichtner and Deloitte. AREAM was assisted by Jones Day offices in Milan and Dusseldorf.