Impax Asset Management’s fund has signed an agreement to sell its 206-megawatt portfolio of wind projects to ERG Renew, the renewable energy subsidiary of the Italian multi-energy company ERG Group.
Financial details of the deal, scheduled to close by the end of this year, were not disclosed.
The sale is part of Impax’s planned realisation of the operating assets in accordance with its fund’s strategy. Impax has grown the portfolio by acquisitions from 2010 to 2014. The majority of the projects were constructed under the ownership of the fund. The fund continues to own a wind project development business in France which it aims to expand significantly through construction and acquisition in the coming years.
This transaction includes 11 wind farms in France, with an installed capacity of 124MW, and six in Germany, with an installed capacity of 82MW. It also includes two companies, which provide operational and commercial technical assistance, via a team of twenty-eight professionals, to “captive” and third-party wind power operators in France, Germany and Poland.
“This sale constitutes a material exit of the current disposal programme of the fund. It demonstrates the success of our investment strategy of consolidating our European renewable energy assets into strategic portfolios for exit, as we seek to provide strong returns to our investors,” said Daniel von Preyss, Managing Director, Impax Asset Management.