Welcome to the Reuters.com BETA. Read our Editor's note on how we're helping professionals make smart decisions.
Read more
Sign In
March 9, 20216:26 AM PSTLast Updated 5 months ago
Italy's ERG flicks switch on hydro, gas plant sale -sources
Stephen Jewkes

2 minute read
MILAN, March 9 (Reuters) - Italian renewable energy company ERG (ERG.MI) has kicked off the sale of hydroelectric and gas-fired power plant assets worth more than 1 billion euros ($1.2 billion), attracting interest from funds and utilities, three sources told Reuters.
ERG is looking to sell the assets in order to reinvest in its solar and wind business abroad, while maintaining credit stability, one source said, adding a decision had not yet been taken on whether to sell them separately or as a package.
The Italian company is more than 60% owned by Italy's Garrone-Mondini family and is one of Europe's leading wind power players with almost 2 gigawatts of installed capacity.
ERG also operates 527 megawatts of hydro-electric plants in Italy that generate core earnings of 87 million euros and has 480 MW of gas-fired (CCGT) capacity.
Mediobanca and Rothschild are working on the sale and have begun sending out information packs, two of the sources said.
"Non-binding bids are due by end April," one added.
ERG, Mediobanca and Rothschild declined to comment.
Engie (ENGIE.PA), Enel (ENEI.MI), A2A (A2.MI) and Dolomiti Energie are among the utilities interested while infrastructure funds like Ardian could also have a look, the first source said.
The hydro assets are attractive and could raise around one billion euros, one of the sources said, although questions remained over concession duration and the fact that the plants are concentrated in central Italy.
The gas-fired plant, located in a refinery in Sicily, could fetch between 200 million euros and 300 million euros, the source said.
($1 = 0.8405 euros)
Reporting by Stephen Jewkes; Editing by Alexander Smith
Our Standards: The Thomson Reuters Trust Principles.
More from Reuters
Play video on original page

Read Next
Australia's Magnis Energy unit signs $74 mln sales deal with U.S. govt supplier
5:59 PM PDT
SK Innovation sees refining margins improving; to split off battery unit
5:21 PM PDT
Australia's Woodside raises Scarborough cost estimate to $12 bln
5:19 PM PDT
Colombia's Ecopetrol Q2 profit soars to $951 million on strong sales
4:33 PM PDT

Sign up for our newsletter
Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
Energy · 4:26 AM PDT
U.S. bread, donut makers urge Biden to roll back biofuel requirements
A trade group representing some of America's biggest baked goods companies is urging the Biden administration to ratchet back its biofuel ambitions, arguing that using fuel made from crops could raise the cost of donuts, bread and other foods.
Democrats aim to boost solar roof tiles in U.S. budget bill
11:17 AM PDT
CATL's new sodium ion battery to help ease lithium shortages
4:58 AM PDT
SK Innovation sees refining margins improving; to split off battery unit
5:21 PM PDT
U.S. natgas posts best day in two weeks on rising cooling demand
12:28 PM PDT
About Reuters
About Reuters
Reuters News Agency
Brand Attribution Guidelines
Reuters Leadership
Reuters Fact Check
Reuters Diversity Report
Stay Informed
Download the App
Information you can trust
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Follow Us
Thomson Reuters Products
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Refinitiv Products
Information, analytics and exclusive news on financial markets - delivered in an intuitive desktop and mobile interface.
Refinitiv Data Platform
Access to real-time, reference, and non-real time data in the cloud to power your enterprise.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
Advertise With Us
Advertising Guidelines
Terms of Use
Site Feedback

All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2021 Reuters. All rights reserved