Eni US and Falck Renewables Acquire 30MW Solar Project in US
Energy company Eni New Energy US and renewable energy developer Falck Renewables announced today the signing of an agreement with Savion, LLC to acquire the ready to build 30 MW Westmoreland Solar Project located in Westmoreland County, Virginia (US). The acquisition will be made by Eni and Falck’s joint venture company Novis Renewables.
According to the terms of the agreement, Novis will acquire the project, and will supply safe harbor panels, arrange financing, and perform construction management for the project. The companies estimated costs for development, construction and transactions costs will total $35 million.
The solar project is expected to achieve commercial operation in Q3 2021, and will provide carbon-free solar energy to a regional utility serving consumers and industries, avoiding over 33,000 tons of CO2 per year.
Toni Volpe, CEO of Falck Renewables S.p.A., said:
“We continue our growth in the US market with a diversified portfolio of renewable assets. Novis will focus on construction, financing and effective asset management for this new project which will further expand our operational asset base in the U.S. in 2021 and represents another step towards achieving the sustainable growth targets.”
Massimo Mondazzi, Chief Operating Officer of Eni’s Energy Evolution business group, said:
“For Eni this agreement represents a further step in achieving our goal to increase energy generation from renewable sources. Our strategy is very clear, as is our commitment to reduce direct and indirect CO2 emissions by 80%, and alongside renewables the development of bio-fuels and chemistry from renewables and recycling, with the aim of offering to our customers an ever-increasing share of entirely sustainable products.”