Spanish wind sold

Published: 21 August 2008  02:08 PM
Source: The Engineer Online

FCC, the parent company of one of Spain's leading construction and service groups, has signed an agreement with Australia's Babcock & Brown Wind Partners to buy all of its wind farms in Spain for €190m (£151m).

The company will also take on gross debt of €590m (£468m) as part of the deal. These assets will be transferred to FCC Energía, a new business unit in the FCC Group.

The assets acquired include 14 wind farms with a total capacity of 420.7MW, plus an additional 45MW of capacity presently under development that is expected to be operational by 2012.

As part of the sale, FCC also gained a 50 per cent stake in IM Future, a company that will operate and oversee the wind farms.

FCC is the sixth-largest wind-farm operator in Spain with an annual revenue of €100m (£79m). It has a presence in five of Spain's regions - Andalusia, Galicia, Aragon, Castilla y León and Castilla-La Mancha.

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