(Tiper Stock Exchange) – ERGa company listed on Euronext Milan and active in the production of electricity from renewable sources, ha signed an agreement with Achernar Assets for the sale of the entire share capital of ERG Powerowner of the central Combined Cycle Gas Turbine (CCGT) cogeneration plant powered by natural gas in Priolo Gargallo (Syracuse). The plant has an installed capacity of 480 MW, with an average annual production of approximately 2.4 TWh of electricity and 1.2 million tons of steam.
“The sale of ERG Power allows us to complete our transformation in a business model entirely focused on the production of wind and solar energy: a fundamental step in achieving the net zero objective that the group has set itself and envisaged as part of the ESG plan”, commented theCEO Paolo Merli.
Operation of the control unit is guaranteed by 144 people, included in the perimeter of the sale. For these resources, thanks to collaboration with the union members and the availability of the buyer, agreements have been reached that guarantee important safeguards for workers.
Achernar Assets is one Swiss investment holding company which operates mainly in the energy, medical technology, infrastructure and financial services sectors with funds under direct control and with the mission of contributing to the development of investee companies in the medium and long term.
The corresponding in terms of Enterprise Value it is equal to 191.5 million euros including items related to working capital and tax credits for a total of 88.5 million euros, which is expected to be collected between the signing and the closing. The agreements provide for some earn-outs relating to the performance of the business in 2024 and 2025 as well as some items of a fiscal nature for a total of approximately 14 million euros which would bring the valorisation of the plant to a total of 205.5 million euros.