ERG jumps after power plant deal completes renewables switch

Erg SA

30/06/2023 09:56

June 30 (Reuters) -   ** Shares in Italy's ERG  ERG.MI 
rise as much as 4.2% after the energy group sold its
thermoelectric plant in Sicily to Swiss investment holding
Achernar Assets on Thursday, a deal that value the power station
at 206 million euros ($224 million) including debt and earn-outs
    ** "ERG is now a 100% renewable company," Equita says,
adding the transfer completes the company's strategic plan to
shift its focus entirely towards wind and solar power generation
    ** "The transaction could also open the stock to additional
ESG funds-related inflows," Intesa Sanpaolo says
    ** Akros notes that the agreed enterprice value of 191.5
million euros is in line with the sale price of 188 million
euros reached with Italian peer Enel in 2022, before the deal
was blocked by the local antitrust authority in September 2022
    ** At 0844 GMT the stock is up 2.77%, outperforming the FTSE
Italia All-Share index  .FTITLMS , which rises 0.8%
($1 = 0.9215 euros)

 (Reporting by Alberto Chiumento
Editing by Keith Weir)
 ((Alberto.Chiumento@thomsonreuters.com;))