Eni, Falck formally create JV to work on 1 GW of US renewables

Italy's Falck Renewables SpA has finalised its strategic agreement with oil and gas major Eni SpA to jointly develop at least 1 GW of onshore wind, solar and energy storage projects in the US by end-2023.

Under the established partnership, the two companies, through their units Falck Renewables North America Inc (FRNA) and Eni New Energy US Inc (ENE US), are creating a 50/50 joint venture (JV), Falck announced on Friday.

"The agreement allows to accelerate our growth in the US and help reach our goals of installed capacity and green energy generation,” said Toni Volpe, CEO of Falck Renewables.

FRNA is also simultaneously selling to ENE US a 49% interest in a 112.5-MW portfolio of existing assets for about USD 71 million (EUR 66m). The portfolio consists of five operational solar parks in North Carolina and Massachusetts, of which one has an energy storage system of 6.6 MWh, according to the initial JV announcement made in December 20, 2019.

Source: renewablesnow.com