Falck Renewables buys majority share of SAET Padua

Falck Renewables S.p.A. has signed an agreement for the acquisition of 60% of the shares of SAET S.p.A., the Padua-based leader in the design and construction of high voltage electrical systems and construction of energy storage systems. The acquisition will be finalized by the second half of 2021. SAET will continue to serve its customers under the guidance of the current management with the confirmation of Giorgio Rossi as CEO.

The agreed price of approximately EUR5.5 million (US$6.5 million) will be financed entirely from Falck Renewables’ own resources and will be subject to the usual adjustment mechanisms. The structure of the transaction also involves the signing of a shareholders' agreement at the close and the possibility of acquiring the remaining 40% of SAET within four years.

In its 65 years of operations, SAET has built more than 70 high voltage substations in Italy and abroad. The company is also a pioneer in the construction of storage systems and have installed around 100 MWh. Under the new deal SAET will continue to operate independently whilst growing more rapidly and the Falck Renewables group’s customers, both producers and industrial and service sector consumers will benefit from SAET’s skills and expertise.