Gleiss Lutz has advised E.ON SE, Düsseldorf, on the sale of its Italian hydroelectric power plants to the ERG Group.
Yesterday E.ON agreed to sell its Italian hydroelectric complex in Terni to ERG Power Generation S.p.A. The ERG group, based in Genoa, is a leading player in the business of energy production from renewable sources in Italy. The Terni Hydroelectric Complex extends over an area covered by the Regions of Umbria, Lazio and Marche. It consists of 16 hydro power plants, 1 pumping station, 7 large dams and 3 reservoirs (Salto, Turano and Corbara), 22 weirs and 155 kilometers of channels and tunnels. With an overall efficient capacity of 527 megawatts the complex generates about 1.4 terawatt-hours power per year.
The transaction, which is subject, inter alia, to the approval of the Italian Antitrust Authority, is expected to close before the end of 2015.
E.ON is being advised by the following Gleiss Lutz team: Dr. Thomas Menke (lead, partner), Martin Hitzer (partner), Dr. Alexander Schwarz (partner), Dr. Marc Seeger, Dr. Maike Krewet, Beate Kirchner, Alexander Kebernik (all corporate/M&A, Düsseldorf).
Chiomenti Studio Legale (Carlo Croff, Luca Frignani, Carola Antonini) has been advising on issues of Italian law.
E.ON in-house counsel Agnieszka Mögelin-Zinger (lead) and Dr. Sascha Fehlemann are responsible for the transaction.
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