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Falck gets funding for Italy's largest wind project

ITALY: Falck Renewables, the London-based wind energy unit of Italy's Falck Group, has finalized a €230 million project financing deal for what is set to become Italy's largest wind farm.

A 2 MW Enercon turbine at Falck's 138 MW Buddusò-Alà dei Sardi wind farm, currently under construction
A 2 MW Enercon turbine at Falck's 138 MW Buddusò-Alà dei Sardi wind farm, currently under construction

The 138MW project, is being constructed in the Sardinian municipalities of Buddosò and Alà dei Sardi, and should be operational next year.

A pool of lenders composed of Unicredit Corporate Banking, Banca Infrastrutture Innovazione e Sviluppo (BIIS), Banca IMI, ING Bank, The Bank of Tokyo-Mitsubishi UFJ, MPS Capital Services Banca per le Imprese and Mediocreval have financed the project.

A first tranche of €54 million has already been issued. A portion of the loan has been guaranteed by Italian credit management agency SACE.

The transaction stands out in what is generally a poor environment for financing wind deals in Italy. Uncertainty over the likely evolution of incentive prices for wind energy has made banks increasingly cautious towards the sector.

This is the second big wind project-financing loan Falck has sealed this year, after its 80MW wind farm in San Sostene, Calabria received €150.5 million from lenders.

Annual electricity production at the Buddosò- Alà dei Sardi wind farm is expected to exceed 300GWh and to meet the electricity needs of more than 110,000 households.

The Falck Group is currently merging Falck Renewables with its other renewable energy activities, a process that should be completed later this year.

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