Lukerg, a joint venture set up by Russian oil and gas firm Lukoil and Italian energy company ERG, is to take over an 84 MW wind power project in Tulcea, in Romania’s Dobrogea region. Another Italian firm Inergia, which develops renewable energy projects, previously owned the site. Total costs for construction of the wind farm are estimated at EUR 135 million.

Lukerg Renew has taken over 100 percent of Land Power SRL, a company set up locally that already holds the land rights and permits to develop the wind farm project. Construction work should start in the first quarter of 2013 and the wind farm is expected to be operational by mid-2014.

Lukerg Renew was set up in May this year with the objective of developing renewable energy projects initially in Romania and Bulgaria, with a suggestion of expansion to the Ukraine and Russia later. The creation of the new company is part of Lukoil’s strategy to enter the renewable energy business.

Lukoil is Russian oil and gas company. Its oil reserves represent 1.3 percent of world’s reserves and the company has an annual turnover of USD 81 billion and a net income of USD 9.5 billion.

Lukoil Group is present on the Romanian market through its subsidiary Lukoil Romania, which has over 310 gas stations. In 1998, the group acquired Petrotel Ploiesti refinery.

ERG is an Italian energy firm with operations in refining and integrated downstream, as well as thermoenergy and renewables. ERG revenues have reached nearly EUR 6.8 billion.

editor@romania-insider.com