A fund managed by Impax Asset Management is selling 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 of the portfolio, which portfolio consists of 11 French and six German wind farms, 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.
Daniel von Preyss, Managing Director, Impax Asset Management says: “This sale constitutes a material exit of the current disposal programme of the fund. It demonstrates the success of our investment strategy of consolidating our European renewable energy assets into strategic portfolios for exit, as we seek to provide strong returns to our investors.”