Falck Renewables SpA plans to sell minority stakes in its U.K. wind operations as the Italian developer focuses on green electricity generation that delivers constant power like biomass and waste-to-energy projects.
Falck plans to offload as much as 49 percent of the units holding wind parks with 273 megawatts of capacity, the Milan-based company said today in a statement. It also wants the buyer to invest jointly in new plants that, unlike wind, don’t produce intermittent energy. Falck said it won’t add solar assets.
The proposals aim to reduce problems faced by managers of power grids as irregular wind and solar generation expands. The company is also diversifying as European countries such as Italy and Spain pare back subsidies and banks reduce lending for wind and solar projects because of the regional economic crisis.
Falck plans to invest 250 million euros ($322 million) to add biomass, waste-to-energy and anaerobic digestion plants by 2017, including acquisitions. It aims to reach 865 megawatts in all technologies by then from 716.4 megawatts now, Falck said.