- EC approved Italian firm ERG SpA to acquire a majority stake in the US Renewable portfolio.
- ERG will pay USD 270 million for a 75% stake, with Apex Clean Energy retaining 25%.
Italian independent power producer ERG SpA received approval from the European Commission (EC) to acquire a majority stake in a 317-MW renewable farm portfolio in the United States, marking its first investment across the pond. The EC stated on Thursday that the transaction, in which ERG will acquire a 75% stake from US renewables developer Apex Clean Energy, “would not raise competition concerns, given the limited impact on the European Economic Area”.
ERG will pay USD 270 million (EUR 250.7m) for the venture’s control, including the 224.4-MW Great Pathfinder Wind asset in Iowa and the 92.4-MW Mulligan Solar plant in Illinois. Apex, the current sole owner of the portfolio, will retain a 25% stake and continue to manage the operation of the facilities.
Great Pathfinder Wind and Mulligan Solar are operational and generate revenues under long-term power purchase agreements (PPAs) with corporate entities among the parties consenting to the deal.