Eni, Falck Renewables Set Up US Joint Venture for Renewable Projects
December 20 2019 - 12:15PM
Dow Jones News
By Cristina Roca
ENI SpA (ENI.MI) said Friday that it has signed an agreement to
develop renewable projects in the U.S. with Falck Renewables SpA
(FKR.MI), and that it will buy 49% of Falck's operating assets
there.
The two Italian companies said that Eni New Energy U.S., an Eni
subsidiary, and Falck Renewables North America, or FRNA, will set
up a 50-50 venture to develop, construct and finance new solar
photovoltaics, onshore-wind and energy-storage projects in the
U.S.
The venture will develop at least 1 GW in projects by the end of
2023, the companies said in a joint press release.
As part of the agreement, FRNA will sell Eni New Energy 49% of
its interests in the plants currently operating in the U.S. The
total value paid will be about $70 million, and the transaction
should close by the first quarter of 2020, the companies said.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
December 20, 2019 12:00 ET (17:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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