The agreement involves the creation of a venture owned 50% by Eni New Energy US (ENE) and 50% by 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% of its ownership interests in the plants currently in operation in the USA. The venture will have shared governance and will be dedicated to develop at least 1GW in 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 (100%) or by FRNA (100% or with a minority 49% stake for ENE US). Funding for the joint development company and its profits will be split equally between the owners.