Falck nails UK wind stake sale
Italian developer Falck Renewables has completed its £154.4m ($256.4m) sale of a 49% stake in six wind farms in the UK to Pension Denmark.
The investment – first reported in Recharge last December – was made via a fund managed by Copenhagen Infrastructure Partners (CIP), in which Pension Denmark is a seed investor.
The six wind farms, located in Scotland and Wales, have a cumulative capacity of 272.8MW and have been sold for £1.4m more than first announced last year, due to further considerations added since, according to Falck.
A further payment of a maximum £10m for 2014 to 2018 will be calculated according to the actual performance of the wind farms, and paid at the end of that period under an earn-out mechanism.
Falck retains indirect control over the project companies running the wind farms, it said.