Falck Renewables to acquire 50 MW Desafio Solar solar project in Escatron

Falck Renewables S.p.A. has signed a Share Purchase Agreement (SPA) with Caicos Directorship, S.L., a company owned by Fund IV, managed by Everwood Capital SGEIC S.A., for the acquisition of 100% of the share capital of Desafio Solar SLU, owning an operating solar plant in Spain.

The solar plant (49.88 MW), located in the Municipality of Escatron, in the Aragon region, was built by Gransolar Desarollo y Construccion, S.L. and commissioned in June 2020. The plant – which is expected to generate about 88.7 GWh of electricity yearly – has secured a Power Purchase Agreement (PPA) that covers about 70% of the energy produced by the plant.

The transaction contemplates the payment of a price of approximately EUR22 million (US$25.9 million), and the taking over of the outstanding project financing, financed entirely with own financial resources and subject to adjustments within five months after closing. The completion of the transaction is expected in April 2021 and is only subject to Banco Sabadell’s authorization to the taking over of the facility by Falck Renewables.