The operating projects included in the transaction are five solar projects and a wind project in Iowa.
Novis will also acquire BEHUS’ development pipeline. (Credit: Sebastian Ganso from Pixabay)
Falck Renewables and Eni New Energy US have announced the acquisition of 222MW renewable energy projects in the US.
The companies have entered into an agreement with Building Energy to acquire Building Energy Holdings US (BEHUS), which holds the portfolio.
The portfolio includes 62MW of operating wind and solar projects and up to 160MW wind development pipeline.
The acquisition also includes a development and asset management team.
Falck Renewables and Eni will acquire the renewables portfolio through their subsidiary Novis Renewables Holdings.
Founded in 2013, BEHUS is engaged in the development of wind and solar projects in the US.
Eni’s business group Energy Evolution general manager Massimo Mondazzi said: “For Eni, the acquisition of BEHUS is another step forward in our decarbonisation strategy, that is increasingly driving our company towards the development and production of energy from renewable sources.
“In Eni, we have set very clear targets for our activities, as we intend to reach 3 GW by 2023 and over 15 GW of installed capacity by 2030. Our emission targets are equally well defined, with an 80% cut in all our direct and indirect emissions by 2050.”
Novis subsidiary to acquire the projects for $32.5m
A wholly owned subsidiary of Novis will acquire the equity of all the projects, the development assets, and the other activities of BEHUS for a total price of $32.5m.
The operating projects included in the transaction are five operating solar projects totaling 31.59MW and a 30MW wind project in Iowa.
Power generated by all the projects is sold under power purchase agreements (PPAs). In addition, the assets in operations offset more than 93,000 tons of C02 per year.
Upon completion of the transaction, Falck Renewables North America, on behalf of Novis, will offer technical and administrative asset management to manage the newly acquired projects.
As part of the acquisition, Novis will also acquire BEHUS’ development pipeline that includes two late stage up to 80MW each wind projects in the western US.
The transaction is expected to be completed by the end of 2020.
In September last year, Italian multinational oil and gas company Eni partnered with Mainstream Renewable Power to develop large-scale renewable assets.