Falck Renewables and Eni US sign an agreement to acquire operating and planned US renewables

Source: press release, 27 August 2020

photo: BEHUS
photo: BEHUS

Falck Renewables S.p.A. and Eni New Energy US Inc, through Novis Renewables Holdings, LLC (Novis), a partnership with 51% and 49% shares respectively, have announced the signing of an agreement with Building Energy S.p.A. to acquire Building Energy Holdings US, LLC (BEHUS). BEHUS business consists of 62 MW of operating wind and solar projects in the US, a development and asset management team and a pipeline of wind projects up to 160 MW. A wholly owned subsidiary of Novis will acquire the equity of all the projects, the development assets, and the other activities of BEHUS upon the satisfaction of conditions precedent to the transaction for a total purchase price of USD 32.5 million that will be adjusted in line with market practice. The closing should take place by year’s end.

BEHUS was founded by Building Energy S.p.A. to develop wind and solar projects in the US in 2013. Novis will acquire five operating solar projects totalling 31.59 MW and a 30 MW wind project in Iowa all of which sell power under Power Purchase Agreements. Falck Renewables North America, Inc. will provide technical and administrative asset management on behalf of Novis to manage the newly acquired projects post-Closing of the transaction.

Novis will also acquire the development and operations team and a wind and solar development pipeline of BEHUS. Specifically, two late stage up to 80 MW each wind development projects in the western United States.

The generation for the assets in operations will contribute to offsetting over 93,000 tonnes of CO2 per year.

“BEHUS is the inaugural transaction of the strategic partnership with Eni that closed in March 2020 and fits squarely into our joint business plan contributing to the sustainable growth targets of both partners,” comments Toni Volpe, CEO of Falck Renewables S.p.A, “we are also adding onshore wind both in operations and development to our portfolio in the USA strengthening our development and operations team.”

“For Eni, the acquisition of BEHUS is another step forward in our decarbonisation strategy, that is increasingly driving our company towards the development and production of energy from renewable sources,” states Massimo Mondazzi, General Manager of Eni’s business group Energy Evolution. “In Eni, we have set very clear targets for our activities, as we intend to reach 3 GW by 2023 and over 15 GW of installed capacity by 2030. Our emission targets are equally well defined, with an 80% cut in all our direct and indirect emissions by 2050.”