E.ON has announced it is to sell it 527MW Terni hydroelectric complex in Italy to Genoa-based ERG Power Generation in a deal reported to be worth around EUR 1 billion.

The complex, which extends over an area covered by the Regions of Umbria, Lazio and Marche, consists of 16 hydro power plants, one pumping station, seven large dams and three reservoirs (Salto, Turano and Corbara), 22 weirs and 155km of channels and tunnels. It utilizes the water of the river Nera, Velino and Tiber, as well as their tributaries. The complex generates about 1.4TWh power per year.

The deal is expected to close by the end of 2015, subject to approval of the Italian Antitrust Authority and completion of the compulsory notification and consultation procedures with the relevant trade unions.