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) on Nov. 17 to acquire the ready to build 30 MW Westmoreland solar project located in Westmoreland County, Virginia.
Novis will acquire the project upon the satisfaction of certain conditions precedent—expected by the end of November—and will supply safe harbor panels, arrange financing, and perform construction management for the project. The estimated costs for development, construction and transactions costs total $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 tons of CO2 per year.
“For Eni this agreement represents a further step in achieving our goal to increase energy generation from renewable sources,” Massimo Mondazzi, COO of Eni’s Energy Evolution business group, said. “Our strategy is very clear, as is our commitment to reduce direct and indirect CO2 emissions by 80%, and alongside renewables the development of bio-fuels and chemistry from renewables and recycling, with the aim of offering to our customers an ever-increasing share of entirely sustainable products.”
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