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Italy's ERG inks deal to acquire 3 wind farms in Germany

ERG Windpark Beteiligungs GmbH has agreed to acquire three operational wind farms in Germany, totaling 34 MW, from an Aquila Capital Investmentgesellschaft Mbh-controlled company for €37 million.

The transaction price corresponds to an enterprise value of €83 million, according to an Aug. 19 news release. The ERG subsidiary forecasts average annual EBITDA from the wind farms at approximately €7 million.

The projects started operating in 2014 and are entitled to Germany's 20-year feed-in tariff, which averaged at €97 per MWh in 2018.

Italian energy company ERG SpA said the deal expands its presence in the German onshore wind power market to an installed capacity of 272 MW.

The company hired Rothschild & Co. Italia as financial adviser, Taylor Wessing as legal adviser, PwC as accounting and tax adviser and Fichtner as technical adviser.

The deal is scheduled to close in the third quarter, following approval by German antitrust authorities.