Falck Renewables and Eni US to acquire Building Energy Holdings US, LLC (BEHUS)
Falck Renewables S.p.A. and Eni New Energy US Inc, through Novis Renewables Holdings, LLC (Novis), a partnership with 51% and 49% shares respectively, announce the signing of an agreement with Building Energy S.p.A. to acquire Building Energy Holdings US, LLC (BEHUS).
BEHUS business consists of 62 MW of operating wind and solar projects in the US, a development and asset management team and a pipeline of wind projects up to 160 MW. A wholly owned subsidiary of Novis will acquire the equity of all the projects, the development assets, and the other activities of BEHUS upon the satisfaction of conditions precedent to the transaction for a total purchase price of $32.5 million that will be adjusted in line with market practice. The closing is foreseen by year end.
BEHUS was founded by Building Energy S.p.A. to develop wind and solar projects in the US in 2013. Novis will acquire five operating solar projects totaling 31.59 MW and a 30 MW wind project in Iowa all of which sell power under Power Purchase Agreements. Falck Renewables North America, Inc. will provide technical and administrative asset management on behalf of Novis to manage the newly acquired projects post-Closing of the transaction.
Novis will also acquire the development and operations team and a wind and solar development pipeline of BEHUS. Specifically, two late stage up to 80 MW each wind development projects in the western United States.
The generation for the assets in operations will contribute to offsetting over 93,000 tons of C02 per year.
Report by: OGP/Segun Cole , Please email us your industry related news for publication info@OilAndGasPress.com
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