ERG Renew buys Polish wind park
Italian renewables developer ERG Renew has completed the acquisition from Vortex Energy of a 100% equity interest in EW Orneta 2, a Polish project company building a 42MW wind farm in the country's Radziejów region.
The agreement was initially signed with Vortex Energy group in May, when ERG Renew made its debut in the Polish wind market.
The Vortex Energy group has also signed a management contract that will see it manage the wind farm on behalf of the Italian developer.
The wind farm will consist of 21 Vestas V90 2MW wind turbines.
The construction of the wind farm will commence in August 2014 and start operating by mid-2015, ERG Renew says.
The total investment cost of the wind farm is estimated at €65m ($89m), which already includes the sum to be paid for the project company's enterprise value, about €7.2m.