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ERG Renew-Lukoil JV closes buy of 70 MW Romanian wind park from Vestas

ERG Renew-Lukoil JV closes buy of 70 MW Romanian wind park from Vestas

BUCHAREST (Romania), July 1 (SeeNews) - Italian renewable energy company ERG Renew said its joint venture with Russian oil giant Lukoil has wrapped up the acquisition of a 70-megawatt (MW) wind farm in Romania from Denmark's Vestas Wind Systems.

The value of the deal is estimated at 109.2 million euro ($142 million), ERG Renew said in a statement on Friday.

The deal is part of a 127 million euro transaction that also includes the acquisition the 14 MW Hrabrovo wind power plant in Dobrich, northeastern Bulgaria, from Vestas, the Italian firm said last month.

The Gebeleisis wind park, situated in the Galati region in southeastern Romania, was put on stream in February 2013. It consists of 35 turbines made by Vestas, capable of generating more than 165 gigawatt hours (GWh) of electricity per year.

LUKERG Renew, the buyer of the two wind parks, is a 50/50-joint venture between ERG Renew and Lukoil Ecoenergo formed back in 2011 to develop wind and solar projects in Bulgaria and Romania.

ERG Renew said that the transaction will add to its results for the second six months of 2013.

($ = 0.7668 euro)

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