Management report

Significant events after the reporting period

On 9 January 2014 LUKERG Renew, a joint venture of ERG Renew and LUKOIL-Ecoenergo, completed the construction and commissioning of the wind farm in Topolog-Dorobantu in Romania, in the Tulcea region. The wind farm was connected to the national electricity grid last November, and turbine testing work is currently being carried out.
The new wind farm, consisting of 41 Vestas V90 wind turbine generators, each rated at 2 MW, will have an installed capacity of 82 MW, which will increase by a further 2 MW in upcoming months, as soon as construction work is completed on the last turbine, authorised last December. When it becomes fully operational, the wind farm will generate over 200 GWh of electricity per year, for savings of approximately 85 kt of CO2 emissions.
With the construction of the wind farm, LUKERG Renew significantly enhances its presence in the Romanian wind power market and positions itself among the foremost operators in the sector, with installed capacity of 150 MW. 

On 17 January 2014, ISAB Energy paid dividends amounting to EUR 23 million to the shareholder ERG S.p.A., and paid the main "subordinated" debts pursuant to the project financing agreement in force through December 2013.

On 16 January 2014 the Shareholders' Meeting of ERG Renew voted a reserved capital increase, for a total price of EUR 50 million, simultaneously subscribed and freed by UniCredit, corresponding to a minority interest in ERG Renew that represents 7.14% of its share capital. On the same date, a representative of UniCredit was appointed to the Board of Directors in accordance with the shareholders' agreements.

On 20 January 2014 ERG Renew announced the full commissioning of the wind farm Palazzo San Gervasio (PZ), accomplished ahead of schedule.
The new wind farm, consisting of 17 Vestas V100 wind turbine generators rated at 2 MW each, has an installed capacity of 34 MW and an output of over 72 GWh of electricity per year, with savings of approximately 30 kt of CO2 emissions.
With the construction of the wind farm, ERG Renew strengthened its leadership position in the Italian wind power marked, with total installed capacity of 1,087 MW in Italy and 1,340 MW throughout Europe.