July 19 (Renewables Now) - Italy-based Falck Renewables SpA (BIT:FKR) announced on Thursday it has agreed to acquire 70% of an up to 195-MW Sicilian solar project from Canadian Solar Group.
More specifically, the European firm is buying the stake in project company Big Fish SPV Srl for approximately EUR 60,000 (USD 67,370). That price could climb up to EUR 145,000, depending on the final total capacity of the project.
Falck Renewables has also reimbursed pro-rata the project development costs incurred up to date. It and Canadian Solar have agreed to contribute pro-rata to the future development of the photovoltaic (PV) project.
Big Fish will apply for permits and authorisations in the fourth quarter of the year. The project has already secured grid connection and preliminary land rights. Upon receiving the construction permits, Falck will have the option to buy the remaining 30%.
The deal is expected to close by the end of the month.
(EUR 1 = USD 1.12)