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Lukerg Renew closes acquisition of 84 MW wind project in Romania

Lukerg Renew closes acquisition of 84 MW wind project in Romania

BUCHAREST (Romania), December 18 (SeeNews) - LUKERG Renew, a 50-50 joint venture of Italy’s ERG Renew and Russia’s LUKOIL-Ecoenergo, has wrapped up the acquisition of a 84 megawatt (MW) wind farm project in Romania, ERG Renew said.

LUKERG Renew acquired from Italian clean energy project developer Inergia, part of the Santarelli Group, a 100% equity interest in Romania-registered Land Power, which holds the land rights and the permits to implement the project, ERG Renew said in a statement on Monday.

When fully operational, the wind park in the region of Tulcea, in southeastern Romania, is expected to have an annual output of over 200 gigawatthours.

LUKERG intends to start building the wind park in the first quarter of next year, aiming for a launch of commercial operations in the first half of 2014.

The construction costs are expected to reach around 135 million euro ($178 million).

The joint venture plans to secure the funding from the European Bank for Reconstruction and Development, which is currently carrying out due diligence on the project.

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