ERG completes purchase majority stake in 51.4-MW Italian solar portfolio

ERG, through its subsidiary ERG Solar Montalto S.r.l., has completed the purchase from Soles Montalto GmbH, an investment fund managed by the group AREAM – European asset manager in the renewables sector – of a 78.5% stake in Perseo S.r.l., 100% owner of Andromeda PV S.r.l., a company that in turn manages two photovoltaic power facilities with an overall installed capacity of 51.4 MW.

Under the transaction, carried out following the prior agreement to the change of control in Perseo S.r.l. on the part of the lending institutions, Soles Montalto GmbH will remain a minority quotaholder, based on a quotaholders' agreement granting ERG complete industrial control of the asset and its full consolidation.

This acquisition allows ERG to become one of the five leading photovoltaic operators in Italy, with over 140 MW of installed power, and to achieve the plan objectives ahead of schedule with high quality assets.