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Spain's Fersa acquires 75 MW Estonia project
1 February 2008
As part of an internationalisation strategy, listed Spanish renewables developer-operator, Fersa, has acquired a 75 MW wind project in Estonia, which it says it will start building this spring. The announcement follows the company's acquisition of 75% of local developer Est Wind Power, which already has full licenses and financing in place for the project. The deal is the most solid for Fersa outside Spain. The company reports a portfolio of 1646 MW in development until 2011, 64% abroad. Fersa operates just 105 MW, with a further 31 MW building, all in Spain, where it plans to reach 598 MW of operational wind capacity by 2011. The next target is Panamá, where Fersa recently agreed to buy a 400 MW wind portfolio from local firm Enrilews, all scheduled for connection in 2009. In Italy, Fersa acquired a 270 MW project portfolio to 2011, which it announced in October while declining to identify the seller. Fersa is consolidating an agreement to add 579 MW through a series of deals to acquire project rights from its existing stakeholders, all companies operating their own wind plants. In return, those companies -- mainly subsidiaries of different Spanish banks -- will receive shares from Fersa's EUR 251 million capital extension, proportional to the value of assets surrendered. The remainder of the project pipeline includes 182 MW in India, 162 MW in Poland and nearly 10 MW in France.
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