Falck to buy 92-MW Canadian Solar project in US

Falck Renewables SpA (BIT:FKR) said today it is entering the US photovoltaic (PV) power market with a deal to purchase a 99% stake in a 92-MW solar project in North Carolina from Canadian Solar Inc (NASDAQ:CSIQ).

Separately, the Italian renewable energy company said on Friday it has closed the acquisition of two ready-to-build wind projects in Sweden with a combined capacity of 115 MW.

Falck has agreed to acquire the IS-42 solar project in North Carolina for USD 42.8 million (EUR 36m), subject to adjustment at closure, which is expected at the end of November. Due to start commercial operations by the end of the month, the solar park will sell its electricity to Duke Energy Progress under a long-term power purchase agreement (PPA). Canadian Solar agreed debt and tax equity financing for the scheme in April this year.

The acquisition is in line with Falck's geographical diversification strategy and adds to deals in Norway, the Netherlands and Sweden.

In Sweden, the company has now completed the acquisition of 115 MW of wind projects from the original developer E.on Wind Sweden AB, which will partner with Falck during the construction process and will provide operations and maintenance (O&M) services. The purchase price includes an initial payment of about EUR 3.7 million for the Aliden project and EUR 1.6 million for the Brattmyrliden project, as well as potential earn-outs of EUR 750,000 for Aliden and EUR 1.25 million for Brattmyrliden.

(USD 1 = EUR 0.842)

Choose your newsletter by Renewables Now. Join for free!