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Eni, Falck form JV to develop 1 GW of US renewables

Wind turbines in Illinois. Author: Chauncey Davis. License: Creative Commons. Attribution 2.0 Generic.

December 23 (Renewables Now) - Italian oil and gas major Eni SpA (BIT:ENI) will create a partnership with Falck Renewables SpA (BIT:FKR) to jointly develop at least 1 GW of onshore wind, solar and energy storage projects in the US by end-2023.

For this purpose, the two companies, through their units Eni New Energy US Inc (ENE US) and Falck Renewables North America Inc (FRNA), will create a 50/50 joint venture (JV). Funding and profits in the joint company will be split equally between the owners.

FRNA will also simultaneously sell to ENE US a 49% interest in a 112.5-MW portfolio of five operational solar parks in North Carolina and Massachusetts. One of the plants has an energy storage system of 6.6 MWh.

ENE US will pay about USD 70 million (EUR 63.2m) at closing.

Completion is conditional to certain precedent conditions and is seen to take place by the first quarter of 2020, according to the announcement.

(USD 1 = EUR 0.903)

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Browse all articles from Lucas Morais

Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

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