Novis Renewables closes tax equity financing for 29.6 MW Westmoreland solar project in Virginia

Novis Renewables, LLC has announced the closing of tax equity financing for the 29.6 MW Westmoreland County Solar Project in Virginia by its affiliate Novis Renewables Holdings, LLC. The tax equity funding of US$44.55 million was closed on November 2, 2021.

The project reached commercial operations (COD) on October 22, 2021. Novis Renewables is the US partnership for the development of solar, onshore wind, and storage projects between Falck Renewables North America, Inc. and Eni New Energy US, Inc. The company acquired Westmoreland in November 2020 from US-based Green Investment Group portfolio company Savion.

The Westmoreland solar project is expected to produce around 50 GWh of clean electricity a year, equivalent to the energy needed a supply of around 4,700 US households. The project will deliver electricity to a US energy off-taker under a power purchase agreement helping the company meet the respective state mandate to increase the use of renewables.