WORLD WIND ENERGY NET

British-based electricity generator International Power Plc said it had clinched a 1.84 billion euro ($2.52 billion) deal to buy the German and Italian wind farms owned by their European operator Trinergy.

International Power said in a statement on Saturday that it was buying the 648 megawatts Trinergy Wind Portfolio, including 581 megawatts in operation and 67 megawatts under construction.

The portfolio comprises five wind farms in Germany and 31 in Italy, three of which have yet to be constructed.

International Power said the cash element in the deal, which will be also funded by debt, was 868 million euros.

The acquisition is expected to complete by the end of the third quarter and be earnings accretive and cash flow positive from the first full year of ownership, the company said.

"Both Italy and Germany are attractive markets with significant growth targets for renewable generation, supported by clear regulatory frameworks," said International Power Chief Executive Philip Cox.

Trinergy was put up for sale by investors connected with the Irish fund Matrix and CJS Capital Partners and a source familiar with the matter told Reuters last month the business could be worth about 2 billion euros.

The source said several private equity companies had been in the running to buy Trinergy while recent magazine reports said German power company E.ON and Italian conglomerate CIR had been ready to make a joint bid for the business.