Spanish construction and utilities group FCC has agreed to acquire the Spanish wind power assets of Australian investment company Babcock & Brown for a total of € 780 million.

The deal to buy Babcock & Brown Wind Partners (BBW) will give FCC 14 wind parks with a total capacity of 421 MW, as well as on going projects to add a further 45 MW. The price comprises € 190 million in cash plus the assumption of € 590 million of BBW's debt.

The BBW business will be renamed FCC Energia and represent the start of a diversification programme for FCC. The company said, "It is going to serve as the development nucleus of the energy activities of the group and fulfils one of the objectives of ‘Plan 10', presented by president Baldomero Falcons on 21 May."

Plan 10 is FCC's strategic vision to become and leader in the energy sector as well as diversify and internationalise its existing services and infrastructure activities.

FCC is controlled by Esther Koplowitz , reckoned to be Spain's richest woman, who heads its Strategy committee. She has said the company expects to invest € 4,1 billion over the next three years on its diversification plan.

According to FCC the global wind power market is currently growing at +27% per year, and Spain has been one of the leaders in the field, boasting 16,1% of the world's total installed capacity. It says the sector in Spain has annual revenues of € 100 million.

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