Achernar Assets AG announced today that it has signed an agreement with ERG Power Generation
S.p.A. to acquire the entire share capital of ERG Power S.r.l. This acquisition will make Achernar the
new owner of the Combined Cycle Gas Turbine (CCGT) cogeneration plant, which is situated in Priolo
Gargallo, Syracuse. The plant is known for its high efficiency and minimal environmental impact.
Running on natural gas, the plant boasts an installed capacity of 480 MW, and an average annual
production of approximately 2.4 TWh of electricity and 1.2 million tons of steam. The plant primarily
supplies electricity to the Priolo industrial site through long-term contracts.
The operations of the plant are managed by a team of 144 employees, all of whom are included in the
sale. The team is composed of highly specialized plant operation technicians, energy management
experts, and other dedicated staff members. Thanks to a collaborative effort between ERG and trade
unions, and with mutual recognition of benefits by all parties involved, agreements have been reached
that provide substantial safeguards for these workers. These employees will become part of the
Achernar Group, a transition that also sets the stage for the company’s greener future.
Subject to various conditions precedent, including the successful completion of the golden power
procedure at the Presidency of the Council of Ministers, the transaction is expected to close by the
end of the year.
Corrado Agusta, Chief Executive Officer of Achernar, stated, “We see the acquisition of ERG Power as
a strategic opportunity to leverage our industry experience and kick-start the development of an
energy platform within the EU. We particularly believe that the Priolo CCGT will continue to play a
pivotal role in the Sicilian energy market, given the emerging green opportunities.”
The journey began in Priolo with a comprehensive due diligence process that took nine months. During
this time, also supported by the Maire Group, significant opportunities were identified to enhance the
asset with a green focus, integrating various technologies from NextChem, specifically targeting the
production of circular fuels, electrolytic hydrogen, and carbon capture. Achernar has now moved from
the due diligence stage to conducting an active pre-feasibility study. The Maire Group has identified
both compelling future potential for green initiatives and the existing green potential of the company.
This ensures the company’s continuity, which is deemed crucial for the future of regional industrial
capabilities.
