Madrid, Spain-based Fomento de Construcciones y Contratas (FCC) announced it will purchase Babcock & Brown Wind Partners’ (BBW.AX) wind energy assets in Spain for US $1.2 billion in cash and debt.
The deal includes BBW’s portfolio of 14 wind farms, owned through OLIVENTO SLU, with a capacity of 420.7 megawatts (MW), plus 45 MW under development. These assets will transferred to FCC Energía SA, a new business unit in the FCC Group.
The deal the deal represents an investment of 190 million euro and the assumption of 590 million euro in gross debt.
This is FCC’s first strategic energy deal and will serve as the basis for developing the Group’s energy activities announced in May. In addition to taking advantage of business opportunities in the energy sector, this Strategic Plan aims to consolidate FCC as a diversified international leader in services and infrastructure. The company, controlled by Esther Koplowitz, who also chairs the Strategy Committee, plans to invest 4.1 billion euro over the next three years to achieve its objectives.
As part of the sale, and in addition to Olivento’s assets, FCC acquired a 50% stake in IM Future, a company comprising around 50 experts in wind power, which will operate and oversee all the acquired wind farms.
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