Lukoil – ERG joint venture to invest EUR 135 mln in Romanian wind park

Lukerg Renew recently acquired an 84 MW wind park near Tulcea, in Romania, according to Wolf Theiss, the law firm which advised Lukerg in the acquisition. Ernst & Young also offered assistance in the deal. The seller was Italian renewable developer Inergia. Lukerg Renew, a joint venture between Russian Lukoil and Italian energy group ERG took over the Romanian wind park end 2012. The buyer plans to invest some EUR 135 million in this new project and hopes to start construction at the wind park in the first quarter of 2013. Lukerg also plans to have the project running in 2014. ERG Renew and LUKOIL-Ecoenergo signed a joint venture agreement in 2011 for LUKErg Renew, based in Vienna. The joint venture will initially focus its operations on Bulgaria and Romania, followed by Ukraine and Russia, according to previous announcements. The recent deal is the second transaction for the JV, after buying a 40MW operational wind farm in Bulgaria from Raiffeisen Energy & Environment. ERG Renew (ERG Group) is active in the generation of electricity from renewable sources, above all in the wind sector. As regards Italy, there are currently 8 wind farms in operation, with a total installed capacity of 246 MW; in France, subsidiary ERG Eolienne France S.a.s. owns 6 wind farms, with a total installed capacity of 64.4 MW. editor@romania-insider.com