Tecnam P2012 Pilot reported engine failure in flight. Pilot diverted and landed short of runway without incident.

Narrative

I took off out of ZZZ [Airport] IFR. I started my climb up to 10;000 feet as cleared by ATC. Upon reaching 9;200 ft; ATC instructed me to descend and maintain 8;000 feet. I leveled off at 8;000 right around the area. I am now in the cruise phase of the flight directly to ZZZZZ but am given left or right deviation as needed by ATC for storms. I missed all of the weather and then was direct to ZZZ2 [Airport]. All instruments are in the green at this point. Roughly 18 minutes after passing ZZZZZ; I got a CAS (Crew Alert System) warning for FADEC (Full Authority Digital Electronic Control) A and FADEC B. Almost immediately the power started rolling back from 89% down to the 20-30% range. I immediately called ATC; to which I didn't get a response; while simultaneously pitching up for the best glide speed. I called again and stated I was losing my engine; to which I was told that ZZZ1 airport was off my right wing and a few miles away (do not recall the exact number said). There was a broken layer roughly 2;000 ft. over the ground so it was hard to find it but I was using the G1000 map along with my iPad to guide me toward the airport. While trying to locate the airport in the descent I switched fuel tanks; turned the fuel pump on; tried forcing FADEC B on; was given the weather from ATC which helped determine the runway I was going to use; and even turned the engine master off and back on per the checklist. The engine did not regain full power but was still ranging in power from 23% to 29%. I was able to see the airport visually now and decided to continue my circling descent roughly 1.5 miles north of the approach end of the runway. Once I was at a reasonable height; I turned toward the runway. Once I thought the runway was made I put the flaps to t/o (takeoff) mode and then almost instinctively put them to Ldg. (landing) mode; which I immediately recognized as a mistake as I would not have made the airport property and put the flaps back to T/o. At this point; I was around 75 knots and passing the houses and trees just north of the runway with roughly 50-100 foot clearance. Once I passed the last obstacle; I was officially on airport property. But at the same time; I was near stall speed; at a high angle of attack; and around 150 feet AGL. I put the nose down to gain airspeed and entered ground effect over the grass. I held it off as long as I could and ended up touching down 39 steps short of the runway. I then steered to avoid the runway lights and rolled down the runway. The engine also stopped windmilling as I was rolling down the runway. I was able to turn off runway XX on Taxiway 1 but did not pass the hold short bars before the plane came to a stop. I believe I transmitted to ZZZ TRACON that I was on the ground but did not hear a response. I shut the aircraft off and hopped out of the airplane. Upon looking at the exterior; I noticed an oil-like substance on the right wing strut; the right side of the elevator; and the belly of the aircraft. There was also no exterior damage to the aircraft from landing short of the runway. I called the FBO and the airport manager and 3 mechanics met me at the plane to help tow it to their facility. After towing it; we took off the top engine cowl and did not see anything out of the ordinary. Once we took the bottom cowl off; we saw a black substance on the front right of the cowl near the landing light and now the mechanics were looking for a leak. They saw a drip coming from the Turbo and the exhaust also had oil dripping out of it. It appears oil is coming from the turbo; into the exhaust; and therefore was spewing out of the aircraft and caused the FADEC system to kick in and shut the engine off before any damage was caused.