Following the recent acquisition of two photovoltaic plants for the total amount of 221million Euro, ERG has already fulfilled its solar power objectives as envisaged in the 2018 – 2022 Business Plan and consequently M&A priorities will now be directed towards overseas wind power.
Image: ERG and Quercus suspend incorporation of the ERG Q Solar 1 joint venture. Photo: Courtesy of Zbynek Burival on Unsplash.
The parties have mutually revised the agreements (see PR 3/8/2018), without however excluding the potential evaluation of other forms of cooperation in the future.
“A partnership intended to pursue the medium-term investment plan we are aiming at is also based on a minimum capital commitment. Quercus still proposes to invest heavily during the next three years in Italian solar power both independently and with partners. We have worked extremely well with the ERG team in 2018 and I am certain that there will be other opportunities for cooperation in the future, maybe in the wind sector or in Europe”, comments Diego Biasi, Co-founder and CEO of Quercus.
“With the acquisition of ANDROMEDA we have achieved, ahead of schedule and with greater profitability, the goals set in the Plan in reference to the development of the photovoltaic business in Italy. The group’s priorities have now turned towards Repowering in Italy and organic growth abroad, both concerning the wind power sector; these are major objectives that will absorb the financial resources envisaged in the plan. I wish to express my appreciation for the professionalism demonstrated by Quercus and look forward to considering new opportunities in the future”, comments ERG’s CEO Luca Bettonte.
Source: Company Press Release.