Enel Produzione has agreed to acquire the entire share capital of ERG Hydro in a €1 billion ($1.2 billion) deal.
ERG Hydro’s portfolio of assets includes 19 hydro plants, seven micro-hydro plants (four of which are currently under development), seven large dams and four reservoirs. The plants have an installed capacity of 527 megawatts and an average annual production of about 1.5 terawatt hours.
Salvatore Bernabei, CEO of Enel Green Power and head of Enel’s Global Power Generation business line, said the acquisition would allow Enel to consolidate its role as a leader in Italy’s energy transition and help meet the group’s decarbonization targets.
Following completion of the transaction, the Enel Group will own 13 gigawatts of installed hydro capacity in Italy, for a total renewable capacity (including geothermal, wind and photovoltaic) of around 14.5 gigawatts.
The transaction is expected to be completed at the beginning of 2022 and is subject
