EDF’s Italian Subsidiary Acquires Major Stake in 975 MW Floating Wind Project Offshore Sicily

Business & Finance

June 27, 2024, by Adnan Memija

Edison, the Italian subsidiary of EDF, has acquired a 50 per cent stake in Wind Energy Pozzallo, a special-purpose company that is developing a 975 MW floating offshore wind project in Sicily, Italy.

Edison’s investment in Wind Energy Pozzallo was facilitated through a partnership with Blunova, a renewable energy developer managing the company.

The special-purpose company is planning to build a 975 MW floating wind project off the coast of Pozzallo in Sicily, over 25 kilometres from the shore. The construction of the project could take three years.

The wind farm is currently undergoing authorisation with the Italian Ministry of the Environment (MASE), said Edison.

EDF’s Italian subsidiary estimates that the project will avoid the emission of more than 780,000 tonnes of CO2 per year.

“The agreement will allow Edison to accelerate its growth plan in renewable energy, aiming to reach a green capacity for the Group of 5 GW from the current 2 GW by 2030. In line with the Italian Integrated National Energy and Climate Plan (PNIEC), we also contribute to developing innovation in the service of the energy transition and decarbonisation targets,” said Marco Stangalino, Vice President and Power Asset Director at Edison.

According to the press release, Wind Energy Pozzallo has no direct employees and will rely on Edison and Blunova to perform all engineering tasks, among others, during the authorisation phase.

Italy, with just one operational offshore wind farm to date, has not yet developed any floating offshore wind farms.

At the beginning of June, the European Commission approved an Italian state aid scheme, known as Decree FER2, which is outlined in a draft decree and is valued at EUR 35.5 billion.

The objective of Decree FER2 is to incentivise the buildout of 4.6 GW of new projects by 31 December 2028, including fixed-bottom and floating offshore wind farms, floating solar, tidal, wave and other marine energies, as well as geothermal energy, and thermodynamic solar projects.