November 28 (Renewables Now) - Italy-based Falck Renewables SpA (BIT:FKR) announced on Tuesday it has completed the acquisition of a 49% stake in a 10-MW wind project in Spain’s Castilla y Leon region.
Falck bought the shares in the holding company, Energia Eolica de Castilla SL (ECC), from ASCIA Renovables SL. Comprised of four turbines, the wind park has an expected production of 33 GWh per year. The construction is slated to commence before the end of the year with commissioning planned for the last quarter of 2019.
The Italian firm is planning to acquire 100% of the company and this was just the first of several steps. Overall, the asset will be bought at a price of EUR 1.2 million (USD 1.36m) to be paid in several tranches.
A shareholders' agreement was also signed, enabling Falck to control EEC. ASCIA and Vector Cuatro will provide asset management services to the Italian firm, Falck noted.
(EUR 1 = USD 1.13)