Enel buys hydro assets from ERG

Enel S.p.A. said its subsidiary Enel Produzione S.p.A. has acquired the entire share capital of ERG Hydro S.r.l., owned by ERG Power Generation S.p.A. in a one billion euros deal($1.19 billion).

“By acquiring these strategic assets we are consolidating our role as a leader in the energy transition in Italy, and we are taking an important step towards the achievement of the Group’s decarbonization targets,” said Salvatore Bernabei, CEO of Enel Green Power and Head of Enel’s Global Power Generation business line.

The deal is expected to be completed at the beginning of 2022.This deal gives Enel approximately 13 GW of installed hydro capacity in Italy, for a total renewable capacity, including geothermal, wind and photovoltaic, of around 14.5 GW.

“The portfolio of plants owned by ERG Hydro S.r.l. consists of 19 hydro plants, 7 micro hydro plants (4 of which are currently under development), 7 large dams and 4 reservoirs located in Umbria, Lazio and Marche,” the company said in a statement.