Italian developer and operator ERG has secured backing from European Union regulators to buy a majority stake in a 316.8MW wind and solar portfolio in the US from Apex Clean Energy.
The European Commission ruled yesterday that ERG’s acquisition of a 75% stake in the portfolio for $270m would not raise competition issues. The portfolio is made up of two assets: the 224.4MW Great Pathfinder wind farm in Iowa and the 92.4MW Mulligan solar farm.
Apex Clean Energy is set to hold the remaining 25% stake and manage both facilities. The deal is ERG’s first in the US market.
When the deal was announced in December, Apex chief executive Ken Young said: “In ERG, we’ve found a new partner with a shared commitment to driving the energy transition. As we celebrate this first collaboration, we envision the potential for a long-term partnership that will not only advance our organizations but also accelerate decarbonization at scale.”