Vestas sells two wind farms for €127m

Danish wind turbine manufacturer Vestas has confirmed plans to sell two wind projects for a total sum of €127 million (£108.3m). LUKERG Renew, a joint venture between Italian energy firm […]

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By Priyanka Shrestha

Danish wind turbine manufacturer Vestas has confirmed plans to sell two wind projects for a total sum of €127 million (£108.3m).

LUKERG Renew, a joint venture between Italian energy firm ERG Renew and Russian oil and gas company LUKOIL, will buy the Gebeleisis and Hrabrovo power plants located in Romania and Bulgaria.

The €109.2 million (£93.16m) Gebeleisis wind power plant, which has been fully operational since February this year, has a total capacity of 70MW, with average annual production expected to exceed 165GWh.

The Hrabrovo plant valued at €17.6 million (£15m) has a total capacity of 14MW and has been operational sine March last year, with its average annual production expected to exceed 34GWh.

Closing of the transactions is expected to take place within the next eight weeks, however the second plant is subject to approval by the Bulgarian competition authority.

In a statement, Vestas said: “Vestas has decided to sell the two projects as development and ownership of projects is not part of Vestas’ regular business model. The above will have no effect on the future operations of Vestas.”

Earlier this year the manufacturer signed its largest single framework agreement to supply onshore machines in the Danish wind market and last year won a contract to supply wind turbines in the UK.