December 20 (Renewables Now) - Italy-based Falck Renewables SpA (BIT:FKR) announced on Thursday it has acquired a 70% stake in Iron SPV Srl, owner of a roughly 35-MW solar project in Italy.
The shares were purchased from Canadian Solar Inc (NASDAQ:CSIQ). Located in Sicily, the photovoltaic (PV) project is currently under development and has already secured grid connection and preliminary land rights.
Falck will apply for permits and authorisations in 2020 and, once it receives the go-ahead to commence construction works, the Italian company will buy the remaining 30% of Iron SPV. This move follows the company's commitment to develop high-quality greenfield PV projects in the Mediterranean country, Falck noted in its press release.
In October, the company announced it completed the renegotiation of a non-recourse project financing deal for three Sicilian solar plants with a combined capacity of 13 MW.