JP Morgan fund buys majority stake in Falck Renewables

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Falck Renewables develops and manages PV projects in markets including the US, Italy and Spain. Image: Falck Renewables via Twitter.

The main shareholder of Falck Renewables is selling its controlling stake in the solar and wind developer to an investor advised by JP Morgan Investment Management.

Falck has entered into an agreement to sell its entire 60% interest in Italy-headquartered Falck Renewables to Infrastructure Investments Fund (IIF).

Under the new ownership, IIF intends to accelerate Falck Renewables’ growth and consolidate its position in the renewable energy sector under the leadership of current CEO Toni Volpe.

“This extraordinary transaction, which is happening at a time of great change in the renewable energy sector, will provide further support, resources and momentum to our medium to long term growth plans,” Volpe said.

Upon closing the transaction, which is expected in Q1 2022, IIF will launch a mandatory cash tender offer for Falck Renewables’ remaining share capital, with the intention to delist the company.

While most of Falck Renewables’ generation assets are wind farms, its activities in the solar PV sector – with 212MW of installed capacity in Italy, the US and Spain – involves the management of operational plants and the development of new projects.

The company’s wholly owned subsidiary Vector Renewables also provides asset management services for around 3.8GW of installed renewables capacity, the majority of which is solar.

Falck Renewables bolstered its presence in the US last year after a joint venture it owns with Italian oil major Eni acquired the US-facing business of developer Building Energy – a transaction that included 62MW of operational wind and solar projects, a pipeline of wind farms and a development and asset management team.

In Spain, meanwhile, Falck Renewables was awarded 40MW of solar capacity in the country’s renewables auction in January and has since acquired a 50MW operational PV project in the Aragón region.

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