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Comment Sustainability

Falck Renewables and Eni execute strategic agreement for U.S. renewable-energy projects

By Mary Page Bailey |

Falck Renewables S.p.A. (Milan; Italy; www.falckrenewables.eu) and Eni S.p.A. (Rome, Italy; www.eni.com) have completed the strategic agreement for the joint development of renewable-energy projects in the United States, which was first announced on December 20, 2019. The agreement involves the creation of a joint venture owned 50% by Eni New Energy US Inc. (ENE US) and 50% by Falck Renewables North America Inc. (FRNA) for the development, construction and financing of new solar photovoltaics, wind onshore and energy storage projects. Under the terms of the agreement, FRNA simultaneously sells ENE US 49% of its ownership interests in the plants currently in operation in the United States. The venture will have shared governance and will be dedicated to develop at least 1 GW in projects by the end of 2023.

The sale to ENE US of 49% of FRNA’s existing assets pertains to a 112.5 MW portfolio. The total value paid by ENE US to FRNA is approximately $71 million.

“This important agreement allows us to establish a platform for the development of projects from renewable sources in an evolved and growing US market. Thanks to the deal completed today, we will be able to operate through a new company that combines our know-how in renewable assets together with Eni’s technological and financial capabilities. The agreement allows to accelerate our growth in the US and help reach our goals of installed capacity and green energy generation”, commented Toni Volpe, CEO of Falck Renewables.

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