EDF Energies Nouvelles, the green power generation arm of Electricite de France, has acquired 50% of both the Nurri and Andretta Bisaccia wind farms in Italy. The assets, which were procured through EDF Energies Nouvelles' EDF EN Italia subsidiary, are part of the first two projects that the company has completed in the region.
The acquisitions will represent a total of 46.1MW in net capacity for EDF Energies Nouvelles’ 95% Italian subsidiary EDF EN Italia. The 22.1MW Nurri wind farm in Sardinia has been in service since November 2004, while the 70MW Andretta Bisaccia wind farm in Campania was commissioned in July 2005.
EDF Energies Nouvelles said that these facilities, which have a combined gross capacity of 92.1MW, were developed and built by EDF EN Italia in conjunction with Fri-El Green Power, EDF Energies Nouvelles’ partner in Italy.
The wind farms will be acquired from EDF Energies Nouvelles’ two principal shareholders, namely the EDF Group (via EDEV Italia) and the Mouratoglou Group (via SIIF Luxembourg). The remaining 50% capital will be held by Fri-El Green Power.
The transaction has been priced at an enterprise value of E126.1 million for 100%, or E63.05 million for the 50% interest acquired. This deal will enable EDF Energies Nouvelles, through EDF EN Italia, to integrate all of its assets and strengthen its position as an owner of wind farms in Italy.
With the recent entry into service of the Sant’Agata wind farm in March 2007, EDF Energies Nouvelles now has three wind farms in production, with gross capacity totalling 164.1MW, including 77.9MW for its own account.