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Falck Renewables seeks FERC approval to transfer stake in NC solar farm to Eni

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Falck Renewables seeks FERC approval to transfer stake in NC solar farm to Eni

Falck Renewables SpA subsidiary Falck Renewables North America Inc. is seeking the Federal Energy Regulatory Commission approval to sell a 49% class B stake in the 71-MW Innovative Solar 42 solar farm in North Carolina to Eni New Energy US Inc.

The deal is part of the Italian oil major Eni SpA's move to acquire a minority stake in a U.S. solar photovoltaics portfolio from developer Falck Renewables. The portfolio consists of five solar photovoltaic plants in North Carolina and Massachusetts.

Innovative Solar 42, located in Cumberland and Bladen counties, N.C., sells output to Duke Energy Corp. subsidiary Duke Energy Progress LLC under a 10-year power purchase agreement.

The parties have asked the commission to approve the application by Feb. 24. (FERC docket EC20-30)