Falck, Eni close tax equity financing for 29.6-MW solar plant in US

The North American joint venture (JV) between Falck Renewables SpA (BIT:FKR) and oil-and-gas major Eni SpA (BIT:ENI) has completed the tax equity financing for its 29.6-MW solar plant in Virginia.

Through Novis Renewables Holdings LLC, the partners have closed the USD-44.55-million (EUR 38.48m) tax equity funding on November 2, 2021, Falck said on Tuesday.

The Westmoreland County Solar Project reached commercial operations (COD) on October 22, 2021. It should be able to generate some 50 GWh of clean electricity per year, enough to meet the annual demand of about 4,700 local households.

Novis Renewables acquired the solar asset last November from Savion LLC, a portfolio company of US-based Green Investment Group.

Owned 51/49 by Falck Renewables North America Inc and Eni New Energy US, respectively, Novis currently operates 174 MW of solar and 30 MW of wind capacity, as well as a 6.6-MWh battery system in the US.

(USD 1.0 = EUR 0.864)

Choose your newsletter by Renewables Now. Join for free!