Eni, Falck complete strategic agreement for joint development of 1 GW US renewables
Falck Renewables and Eni have completed the strategic agreement for the joint development of renewable energy projects in the United States announced on December 20, 2019.
The agreement involves the creation of a 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 developing 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 US$71 million.
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