Eni and Falck Renewables have signed a strategic agreement for the joint development of renewable energy projects in the United States.
The agreement involves the creation of a 50/50 venture owned by Eni New Energy US and Falck Renewables North America (FRNA) for the development, construction and financing of new solar photovoltaics, wind onshore and energy storage projects. Under the terms of the agreement, FRNA will simultaneously sell ENE US 49 percent of its ownership interests in the plants currently in operation in the United States.
The venture will have shared governance and will be dedicated to developing at least 1 gigawatt of projects by the end of 2023. ENE US and FRNA will have various options to acquire projects from the venture, either consolidated line-by-line by ENE US or by FRNA. Funding for the joint development company and its profits will be split equally between the owners.
The sale to ENE US of 49 percent of FRNA’s existing assets pertai
