Falck and Eni signs 1 Gig watt Re projects

• Falck Renewables and Eni have entered into a contract to jointly develop clean energy projects in the U.S.

"Falk Renewable and Eni have signed an agreement that will see them jointly develop energy in the U.S. The agreement will allow them to venture into projects that will be 50 % owned by Falck Renewable North America and 50 % by Eni energy. They will jointly construct, develop and finance new energy storage, wind onshore and solar PV projects. FERN agreed to sell Eni Energy, forty-Nine percent of its interest in plants that are already operating in the United States.

In the deal, the two companies will:

Jointly develop projects with significant growth prospects in renewable energy in the U.S. market

Conduct all their business under a new entity which will finance, develop and constructs projects by using the Falck Renewable skills in renewable energy and Eni’s financial and technological capabilities.

Enhance the growth of Falck Renewable and Eni to help attain their set goals in clean energy generation.

The venture intends to develop projects to produce at least 1 gigawatt towards the end of 2023. FRNA and ENE have an option to acquire and consolidate projects owned 100 percent by either FRNA or ENE. In the project, ENE US will own the minority 49% but future funding of the new projects will be funded equally by the two companies.

ENE will buy 49% of FRNA.s assets whose portfolio totals to 112.5 MW portfolios in Massachusetts and Carolina. The Massachusetts plant has a storage facility with a capacity of 6.6 MW.

ENE US will pay about $70 million which includes a panel sock worth $12.7 million