Impax Asset Management (“Impax” or “the Company”) today announced that a fund managed by the Company has completed the sale of a portfolio of wind assets in France and Germany to ERG Renew, the renewable energy subsidiary of the Italian multi-energy company ERG Group.
The sale is part of Impax’s planned realisation of the operating assets in accordance with its fund’s strategy. Impax has grown the portfolio by acquisitions from 2010 to 2014. The majority of the projects were constructed under the ownership of the fund. The fund continues to own a wind project development business in France which it aims to expand significantly through construction and acquisition in the coming years.
This transaction includes eleven wind farms in France, with an installed capacity of 124 MW, and six in Germany, with an installed capacity of 82 MW. It also includes two companies, which provide operational and commercial technical assistance, via a team of twenty-eight professionals, to “captive” and third-party wind power operators in France, Germany and Poland.
Terms of the deal are not disclosed. Norton Rose Fullbright and Taylor Wessing advised the sellers in France and Germany.
Daniel von Preyss, Managing Director, Impax Asset Management commented “We are pleased to complete this sale which is a significant part of our current disposal programme of the fund. The sale of this portfolio is the result of our three year roll-up and construction process.”
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