Stans, October 18, 2023 – On October 17, 2023, Achernar Assets AG, through its whollyowned subsidiary Achernar Energy S.p.A, completed the purchase of the entire share capital of ERG Power S.r.l from ERG Power Generation S.p.A (a company in the ERG Group).
ERG Power S.r.l will be renamed B2G Sicily S.r.l. and will trade as “Brown 2 Green.” It will continue to operate as the company that owns and manages the environmentally friendly, high-efficiency Combined Cycle Gas Turbine (CCGT) power plant powered by natural gas, a Demineralisation Plant, and an Internal Electric Distribution Network within the industrial site of Priolo Gargallo (Siracuse, Sicily).
The transaction was finalized in line with what was communicated on June 29, 2023, following the fulfilment of all Sale and Purchase Agreement conditions precedent, including the completion of the golden power approval.
Corrado Agusta, CEO of Achernar, commented, “With the acquisition of ERG Power, Achernar makes its inaugural entry into the European energy transition. We’ve rebranded the energy group ‘Brown 2 Green’, reflecting our investment strategy aimed at acquiring low-carbon and fossil fuel energy assets. Our goal is to guide these assets towards carbon neutrality, whether through trading or strategic enhancements. The Priolo CCGT remains essential to the Sicilian energy landscape, and we are committed to maintaining a significant presence within the Priolo industrial site through new green investment initiatives.”
Achernar extends its thanks to the advisors involved in the transaction, namely Studio Chiomenti, Keystone Law, Bär & Karrer, KeytoEnergy, Maire Group, Ramboll and EY Capital & Debt Advisory.