Falck Renewables has signed a share purchase agreement with Caicos Directorship to acquire a 50MW solar photovoltaic plant.
The deal is for the acquisition of 100% of the share capital of Desafio Solar SLU, owner of a Spanish solar plant located in the municipality of Escatron, in the Aragon region.
The plant, which was built by Gransolar Desarollo y Construccion, has been in operation since June 2020.
The plant has a power purchase agreement which covers approximately 70% of the energy produced.
The operation provides for the payment of approximately €22m, plus the assumption of the residual debt of the project, financed entirely with own resources and subject to adjustment within five months of closing.
The completion of the transaction is expected in April 2021 and is subject to the authorisation of Banco Sabadell for the takeover of Falck Renewables in the loan agreement.
Falck Renewables CEO Toni Volpe said: “This project marks our entry into solar generation in Spain, where we currently own a pipeline with grid connection rights of over 700MW, of which approximately one third is already in phase.
“Once the acquisition is completed, Falck Renewables will reach 190 GWh of annual production in Spain, enabling, as in Italy and the United Kingdom, our integrated energy management model.”