Eni, Falck formally create JV to work on 1 GW of US renewables

Solar panels in USA. Author: Pete Jelliffe. License: Creative Commons. Attribution-NoDerivs 2.0 Generic.

March 23 (Renewables Now) - Italy's Falck Renewables SpA (BIT:FKR) has finalised its strategic agreement with oil and gas major Eni SpA (BIT:ENI) to jointly develop at least 1 GW of onshore wind, solar and energy storage projects in the US by end-2023.

Under the established partnership, the two companies, through their units Falck Renewables North America Inc (FRNA) and Eni New Energy US Inc (ENE US), are creating a 50/50 joint venture (JV), Falck announced on Friday.

"The agreement allows to accelerate our growth in the US and help reach our goals of installed capacity and green energy generation,” said Toni Volpe, CEO of Falck Renewables.

FRNA is also simultaneously selling to ENE US a 49% interest in a 112.5-MW portfolio of existing assets for about USD 71 million (EUR 66m). The portfolio consists of five operational solar parks in North Carolina and Massachusetts, of which one has an energy storage system of 6.6 MWh, according to the initial JV announcement made in December 20, 2019.

(USD 1 = EUR 0.929)

More stories to explore
Share this story
About the author
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.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription