GDF Suez Scores $1.1B For Control Of Italian Wind Portfolio

Law360, New York (December 7, 2012, 7:56 PM EST) -- French power conglomerate GDF Suez SA has unloaded a majority stake in its Italian wind energy subsidiary to Italy’s ERG SpA for €859 million ($1.1 billion), a deal that slashes GDF Suez’s debt and dramatically increases ERG’s renewables portfolio, the parties announced Wednesday.

The sale will see GDF Suez subsidiary International Power Consolidated Holdings Ltd. transfer to ERG Renew SpA an 80 percent stake in IP Maestrale, a portfolio that includes 636 megawatts of installed capacity in Italy and Germany, according to parallel statements from the...
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