Italy

Italy

Falck rallies on UK wind and strong results

ITALY: Shares of Italian firm Falck Renewables rallied on the Milan stock exchange on Monday following reported interest from unnamed Nordic investment funds for Falck's UK wind activities and strong first-half results.

In a presentation also on Monday, Falck Renewables CEO Pietro Manzoni said the firm was not negotiating to sell its 253MW in UK wind farms but added that Falck was aware of the rumours. Italian financial daily Il Sole 24 Ore has valued the UK business at €2.5 million a megawatt, or just over €630 million. This is "realistic", Manzoni said.

Falck saw earnings before interest, taxes, depreciation and amortization (EBITDA) rise 39% to €65 million in the first six months of 2011 and confirmed a full-year EBITDA target above €130 million. First-half revenues rose 32% to €114 million. Installed capacity rose 19% to 526MW (465MW in wind), and is expected to reach 685MW by year-end.

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