Falck Renewables owns 70% of 195 MW Italian solar PV project

Falck Renewables S.p.A. has signed with Canadian Solar Group a preliminary agreement for the purchase of 70% of Big Fish SPV S.r.l. which owns a solar project currently under development in Sicily for a total capacity of up to 195 MW.

The price of the participation in the corporate capital of Big Fish SPV S.r.l. is approximately EUR60,000 (US$67,370) and may be subsequently increased up to a maximum amount of EUR145,000 (US$162,953) depending on the final total capacity of the project. Falck Renewables has also reimbursed pro-rata the development costs incurred so far.

The project has secured grid connection and preliminary land rights and will apply for permits and authorizations starting from Q4 2019. The Parties will contribute pro-rata to the development of the project.

The transaction also includes the signing of a quota holders’ agreement that provides for a lock-up ending if mechanisms to exit the ownership of the company are activated, and a reciprocal change of control clause which implies Falck Renewables’ right or obligation - as the case may be - to purchase the minority quotas. Upon obtaining the construction authorizations for the project, Falck Renewables will benefit from a call option for the purchase of the remaining 30% of Big Fish SPV S.r.l.

The closing is expected by end of July 2019.