Oil major Eni expands on US solar rate of interest

Aug 27, 2020 06:24 PM ET
  • Italian oil major Eni has actually bolstered its exposure to tidy energy in the US after its Falck Renewables-led joint endeavor obtained project programmer Building Energy US.
Oil major Eni expands on US solar rate of interest
Image: Eni

Novis Renewables, a JV held 49% by Eni and also 51% by Falck, has signed a contract to obtain the US-facing service of Building Energy. Included in the purchase are 62MW of operational wind as well as solar projects in the US, a pipeline of wind projects and a development as well as asset management group based in the country.

The US$ 32.5 million offer is anticipated to close prior to the year's end.

The operational profile makes up five solar projects located throughout the US and a sole wind farm in Iowa, which Falck Renewables' North America division will provide technological and management property administration for post-transaction.

The bargain builds on Eni's existing exposure to solar in the US which is driven primarily by its collaboration with Falck. Having an overall portfolio which stands at around 112.5 MW, it anticipates to have an overall capacity of 1GW of renewables in the nation by 2023.

Eni's larger renewable strategy has seen the firm develop a worldwide capability target of 3GW by 2023, greater than 15GW by 2030 as well as 55GW by 2050.

Falck and Eni penned the US-facing arrangement in December last year and also this acquisition represents the first major offer to be struck. Toni Volpe, chief executive at Falck Renewables, stated it "fits squarely right into our joint business strategy".

"For Eni, the procurement of BEHUS is one more step forward in our decarbonisation technique, that is significantly driving our business in the direction of the growth as well as manufacturing of power from renewable resources," Massimo Mondazzi, basic supervisor at Eni's Energy Evolution business system, claimed.

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