ERG will further invest in Italy’s photovoltaic sector
Post date: 08/08/2018 - 18:30
ERG, Italian energy provider and wind power operator, and Quercus Assets Selection Sarl, a European fund focused on investments in renewable energy, have signed an agreement for the creation of a public limited company called »ERG Q Solar1«. It will be based in Genoa under the joint ownership of ERG (60 percent) and Quercus Italian Solar Fund (40 percent). According to the companies, the incorporation is expected to take place until September 30, 2018.
The new company will operate exclusively in Italy. Purpose is the acquisition of small solar plants with less than 1 MW of installed capacity, targeting up to 150 MW by the end of 2021. Overall investments are envisaged during the next three years for a maximum amount of €350 million.
In any case, Quercus may sell its quota starting from April 1, 2029, if ERG has not exercised, during the period between January 1, 2029 and March 31, 2029, a call option to acquire the shares of the company being incorporated held by Quercus, at a price to be calculated taking into account the net cash flows expected to be distributable to shareholders for the subsequent years. The Italian wind power operator ERG (1.791 MW) is also active in the production of solar energy (90 MW), hydroelectric (527 MW) and thermoelectric power via low environmental impact cogeneration facilities (480 MW).