Italy's EssePi - part of the Andreoli Bonazzi Group - has sold its 90% equity interest in hydro plant owner I.S.E.A to ERG Power & Gas for €4M (US$5.2M).
I.S.E.A owns five hydroelectric power stations on the irrigation canals located in the Italian Provinces of Novara and Pavia, with total installed capacity of 2.7MW and estimated annual output of some 8.5GWh.
The deal is part of ERG’s strategy to develop its activities in power generation, in particular those from renewable sources. The advisors to the seller were Tamburi & Associati and Studio d’Urso Munari Gatti.
The remaining 10% equity interest in I.S.E.A is owned by the Associazione Irrigazione Est Sesia.