By Kim Richters

Eni SpA said Tuesday that its subsidiary Eni New Energy US, Inc. and Falck Renewables North America, Inc. have agreed to buy a solar project in Virginia from renewable energy company Savion, LLC.

The companies signed the agreement to take over the 30 megawatt Westmoreland Solar Project via their joint company Novis Renewables Holdings, LLC.

"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," Eni said.

Development, construction and transactions costs are expected to be $35 million, it said.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

November 17, 2020 05:55 ET (10:55 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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