Novis will acquire the project upon the satisfaction of certain conditions precedent
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 today an agreement with Savion, LLC (Savion) to acquire the ready to build 30 MW Westmoreland Solar Project located in Westmoreland County, Virginia (US).
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.
“We continue our growth in the US market with a diversified portfolio of renewable assets. Novis will focus on construction, financing and effective asset management for this new project which will further expand our operational asset base in the U.S. in 2021 and represents another step towards achieving the sustainable growth targets”, commented Toni Volpe, CEO of Falck Renewables S.p.A.
“For Eni this agreement represents a further step in achieving our goal to increase energy generation from renewable sources. 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”, stated Massimo Mondazzi, Chief Operating Officer of Eni’s Energy Evolution business group.
Source: Company Press Release