Falck Renewables and Eni US sign an agreement to acquire 30 MW solar project in Virginia

Source: press release, 17 November 2020

Savion is one of the largest, most technologically advanced utility-scale solar and energy storage project development companies in the United States
Savion is one of the largest, most technologically advanced utility-scale solar and energy storage project development companies in the United States (photo: Savion)

Falck Renewables North America, Inc. and Eni New Energy US, Inc. through Novis Renewables Holdings, LLC (Novis), a partnership with 51% and 49% shares respectively, signed an agreement with Savion, LLC (Savion) to acquire the ready to build 30 MW Westmoreland Solar Project located in Westmoreland County, Virginia (US).

Novis will acquire the project upon the satisfaction of certain conditions precedent – expected by the end of November – and will supply safe-harbour panels, arrange financing, and perform construction management for the project. The estimated costs for development, construction and transactions costs total USD 35 million. The construction of the project is in line with the industrial plan.

Once the project achieves commercial operations – expected in the third quarter of 2021 – it will provide carbon-free solar energy to a regional utility serving consumers and industries for decades, avoiding over 33,000 tonnes of CO2 per year.

“We continue our growth in the US market with a diversified portfolio of renewable assets. Novis will focus on construction, financing and effective asset management for this new project which will further expand our operational asset base in the US in 2021 and represents another step towards achieving the sustainable growth targets,” comments Toni Volpe, CEO of Falck Renewables S.p.A.

“For Eni this agreement represents a further step in achieving our goal to increase energy generation from renewable sources. Our strategy is very clear, as is our commitment to reduce direct and indirect CO2 emissions by 80%, and alongside renewables the development of biofuels and chemistry from renewables and recycling, with the aim of offering to our customers an ever-increasing share of entirely sustainable products,” states Massimo Mondazzi, Chief Operating Officer of Eni’s Energy Evolution business group.