FKRNF - Eni Falck to buy Virginia solar project

Eni ([[E]] +0.1%) says its Eni New Energy US subsidiary and Falck Renewables (FKRNF) agree to acquire a solar project in Virginia from renewable energy company Savion for an unspecified sum.The companies will take over the 30 MW Westmoreland Solar Project through their Novis Renewables Holdings joint venture, planning to spend $35M in the development and construction of the project.Once in operation, the companies say Westmoreland will be capable of generating enough clean energy to offset more than 33K metric tons of CO2 emissions annually.Novis currently operates 113 MW of solar parks and a 6.6 MWh battery system in the U.S.Eni "surprisingly manages to generate positive free cash flow so should be able to maintain its dividend," Power Hedge writes in a report published recently on Seeking Alpha.

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Eni, Falck to buy Virginia solar project