Genoa - The two shareholders of Lukerg Renew, the joint venture between ERG Renew and Lukoil created in 2011 to invest in the wind-power sector in Bulgaria and Romania, have decided to dissolve the joint venture and consequently divide its assets, “at the end of three years of strong growth.” The agreement, as the shareholders explain, calls for ERG Renew to receive the Bulgarian farms at Tcherga (40MW), Hrabrovo (14MW) and the Romanian farm at Gebeleisis (70MW) for a total of 124 MW, while Lukoil will receive only the Topolog farm (84 MW).
The value of the operation, in terms of enterprise value, is about €27 million, mainly consisting of non-recourse project financing. The dissolution is expected by the end of the year. “We consider this action to be positive for our company, as it will allow us to increase our presence in the Eastern European wind market with high quality assets, and in the near future, to improve our operations management,” said ERG Group C.E.O. Luca Bettonte. “ERG’s experience with Lukoil was definitively a positive one.”