Falck buys 115 MW of Swedish wind projects

Italian renewable energy company Falck Renewables SpA (BIT:FKR) on Saturday said it has agreed to buy two ready-to-build wind projects in Sweden with a combined capacity of 115 MW.

The acquisition consideration amounts to EUR 7 million (USD 8.3m) plus potential earn-outs for the seller, E.on Wind Sweden AB. The transaction is seen to close by the end of September, subject to conditions precedents, including related to grid connection.

Falck will acquire limited liability companies Aliden Vind AB and Brattmyrliden Vind AB, which own the wind projects. The wind farms will be located in the municipality of Oernskoeldsvik, on the eastern coast. E.on Sweden developed the projects and will operate and maintain the parks once operational.

Last month Falck also agreed to buy a majority stake in the owner of 70 MW of wind projects in Norway. The two deals support its geographical diversification strategy.

The Italian company last week reported a net profit of EUR 12.8 million attributable to the group for the first half of 2017, up by 41.9% year-on-year. Earnings before interest, tax, depreciation and amortisation (EBITDA) and revenue were each up by 9.6% to EUR 78.2 million and EUR 141 million, respectively.

At the end of June, Falck had 770 MW of wind and 16.1 MW of solar power capacity in its portfolio. It also has some biomass and waste-to-energy assets.

(EUR 1 = USD 1.18)

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