European Energy has signed an agreement with Quercus Assets Selection to sell its 39MW Bosco Le Piane wind farm in Italy.
The Bosco Le Piane is located in the Basilicata region in southern Italy. The project consists of 13 Siemens Gamesa Renewable Energy wind turbines and is expected to be completed in September 2018. Construction of the wind farm is in progress, and currently the Bosco Le Piane project is the biggest wind farm under construction in Italy.
European Energy founder and CEO Knud Erik Andersen said: “We have had a constructive dialogue with Quercus and we have come to appreciate their professionalism and focus on driving the process forward. It is the first time Quercus has acquired one of our projects, I hope that finalization of the acquisition will be the start of a long term relationship to the benefit of both parties.”
Quercus Italian Market Country Manager Pietro Zerauschek said: “The business model of European Energy well fit the risk return profile offered to our investors and their international experience as developer ensures the highest standard of quality. Wind is an important asset class for our infrastructure funds and we will pursue our growth also with the support of European Energy in Italy and other strategic European markets.”
The acquisition is expected to be finalized before the end of first quarter.
Source: Company Press Release