FKR Falck Renewables SpA

   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)

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