Italy’s ERG has agreed to sell a 480-megawatt gas-fired power plant in southern Italy to utility Enel to complete its transformation into a pure wind and solar company.
The sale of ERG Power, which also includes a hydroelectric plant, values the unit at 188 million euros ($215 million) including debt, ERG said on Wednesday.
Proceeds from the sale, which is subject to a price adjustment at closing, will be used to fund growth at the company that generates some 60% of earnings from wind power.
Rothschild and Mediobanca were advisors.
Source: Reuters.com