Italian renewable energy group ERG said it has acquired seven operational onshore wind farms in northern England with a combined capacity of 73 megawatts, while selling a 62-MW wind asset in Sweden, as part of a strategy to refocus its portfolio on core markets.
ERG said the UK assets were purchased from OnPath Energy and are supported by Renewable Obligation Certificates, with an average remaining duration of nine years. The wind farms were commissioned between 2011 and 2017 and will contribute to group results from 2026.
The portfolio generated 174 gigawatt hours (GWh) of electricity in 2024 and delivered earnings before interest, tax, depreciation and amortisation (EBITDA) of about £18 million (€21 million), ERG said. The enterprise value of the transaction is around £97 million.
The wind farms are located across several counties in northern England and are expected to produce about 173.3 GWh annually, equivalent to 2,387 full-load hours. ERG said this corresponds to avoiding around 65,000 tonnes of carbon dioxide emissions per year and supplying electricity to roughly 40,000 households.
At the same time, ERG said it has sold the 62-MW Furuby wind farm in Sweden to Nordetic AB through its subsidiary ERG Power Generation S.p.A. The asset entered operation in November 2022 and produced 134 GWh in 2024, generating EBITDA of €6.3 million.
The enterprise value of the Swedish transaction is €71 million, which could rise by up to an additional €6 million through earn-out mechanisms linked to future power generation, the company said.
“Through these two transactions, we are launching a geographic refocusing strategy aimed at exiting ‘non-core’ countries, such as Sweden, to strengthen positioning in strategic markets where the Group has a significant industrial presence, such as the United Kingdom,” ERG Chief Executive Paolo Merli said.
Merli said the newly acquired UK portfolio also offers repowering potential over the medium term. “The asset portfolio acquired in England also offers significant medium-term repowering opportunities, a technological intervention in which the Group has strong expertise,” he said.
Following the transaction, ERG’s installed capacity in the UK will reach 412 MW, making it the group’s third-largest market. Merli added that the company now ranks among the top ten onshore wind operators in the country.
From a financial perspective, Merli said the two transactions are expected to be accretive to EBITDA and net income, with a limited impact on ERG’s net debt.
