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ERG inks deal to acquire 6 wind farms in France

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ERG inks deal to acquire 6 wind farms in France

ERG Eolienne France SAS reached a deal with Zurich-based Profond Finanzgesellschaft AG to acquire all equity stake in Les Moulins de Fruges SAS for an enterprise value of €52.2 million.

Les Moulins de Fruges is a French company owning six wind farms with total installed capacity of 52 MW. The facilities can get an incentive tariff for a 15-year period, and they recorded an EBITDA of €6.2 million in 2018.

"This acquisition allows ERG SpA. to reach 360 MW of installed capacity in France, consolidating its position in the country, and to step up the growth path envisaged in the business plan," said ERG CEO Luca Bettonte. The deal is expected to close in the second quarter of 2019, subject to the consent of the French Ministry of Economy and Finance.

ERG hired Unicredit as financial and deal adviser, Orrick as legal adviser and E&Y as accounting and tax adviser.