Edison buys 50% of shares in an offshore wind project in Sicily

Edison has acquired a 50% stake in a special purpose vehicle that aims to develop a 975-megawatt (MW) floating offshore wind farm project in Sicily, the utility announced Wednesday.

Italy, which does not yet have floating offshore wind farms, aims to generate almost two-thirds of its electricity from renewable energy sources by the end of 2030, according to its national energy and climate plan.

The European Commission recently approved an Italian state aid program with a potential value of €35.3 billion ($38 billion) over the next 20 years to support the construction of green energy plants using innovative technologies, including offshore wind.

The Italian subsidiary of French energy group EDF said special purpose vehicle Wind Energy Pozzallo had already submitted an application for the project to be approved by the energy ministry, adding that its construction could take three years.

Edison estimates that the wind farm, to be built in the Mediterranean Sea about 25 kilometers from the Sicilian city of Pozzallo, will avoid emissions of more than 780,000 tons of carbon dioxide annually.

“The agreement will enable Edison to accelerate its renewable energy development plan, which envisages increasing the group’s green capacity from the current 2 gigawatts (GW) to 5 GW by 2030,” said Edison vice president Marco Stangalino.

Edison’s investment in Wind Energy Pozzallo was made thanks to an agreement with Blunova, a company operating in the renewable energy sector.

($1 = 0.9365 euros)

(Reuters – Reporting by Romolo Tosiani; Editing by Francesca Landini and Keith Weir)