EDP Renováveis acquires 85 per cent of Italian Wind from Co-Ver for €12m

2 February 2010

Spain-headquartered wind energy developer EDP Renováveis has acquired 85 per cent of Italian Wind from northern Italy industrial conglomerate Co-Ver group, adding to its portfolio several wind projects in Italy, which totals 520MW of projects in different stages of maturity and in prime locations.

The company’s portfolio includes four wind projects totalling 108MW, 98MW of tier three projects and 314MW classified as prospects.

The amount paid for the stake is €12m and the company said additional success fees will be paid as the wind projects reach certain predefined milestones.

Through this transaction EDP acquires a quality pipeline in Italy and incorporates a team with a strong local expertise and track record on the Italian renewable sector, with an accumulated experience in the development and construction of 125 MW.

With 4.9GW of wind installed capacity in 2009, Italy is one of the most promising wind markets in Europe. The approved renewable obligation quota set by the government required in 2009 at 5.3 per cent of the electricity supplied to be sourced from renewable technologies, escalating to 7.6 per cent by 2012.

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Tags: wind

This story was published on Tuesday, February 2nd, 2010 at 7:46 pm and is filed under Europe, deals, wind. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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