Novis Renewables closes tax equity for Va. solar project

Novis Renewables Holdings LLC closed a $44.6 million tax equity financing for the 29.6-MW Westmoreland County Solar Project in Virginia.

Novis Renewables acquired the Westmoreland project from Savion LLC in November 2020. The solar project reached commercial operations in October and is expected to produce about 50 GWh of clean electricity a year, according to a Nov. 9 news release.

The output of the project will be sold to an unnamed U.S. energy off-taker under a power purchase agreement.

Novis Renewables is owned 51% by Falck Renewables North America Inc. and 49% by Eni New Energy US Inc.