Vestas has entered into an agreement to sell two wind projects to LUKERG Renew, a joint venture company of Russia-based Lukoil and Italy-based ERG Renew, for a total enterprise value of EUR 127 million.
Vestas co-developed the Romanian project Gebeleisis and the Bulgarian project Hrabrovo. The company says it has decided to sell the wind farms because development and ownership of projects is not part of Vestas' regular business model.
Closing of the transactions is expected to take place within the next eight weeks; however, the Hrabrovo transaction is subject to approval by the Bulgarian competition authority.
The Gebeleisis wind power plant is located in the Galati region in Romania and has been fully operational since February. The wind power plant has a total capacity of 70 MW (35 V90-2.0 MW turbines), and the value of the project amounts to EUR 109.2 million.
The Hrabrovo wind power plant is located in the region of Dobrich in Bulgaria, and has been fully operational since March 2012. The wind power plant has a total capacity of 14 MW (seven V90-2.0 MW turbines), and the value of the project amounts to EUR 17.6 million.