Monday 12 August 2024

€500m investment flies into Italy’s offshore wind

Renewables developer Renexia has signed a €500 million (£428 million) contract with Chinese wind turbine manufacturer, MingYang to manufacture wind turbines in Italy.

The two companies along with the Italian Minister of Economic Development, Adolfo Urso will form a new company (newco) for the manufacturing process.

They will produce and assemble key components for the Med Wind project, the largest offshore floating wind farm in the Mediterranean Sea, off the coast of Sicily.

The project is expected to generate 9TWh of electricity per year once operational, meeting the energy needs of 3.4 million households.

It will additionally create new work opportunities for local communities and employ 1100 workers.

Riccardo Toto, General Manager of Renexia, said: 'I would like to thank Minister Urso for trusting us and believing in our project. The partnership signed today will enable us to create a value chain that will benefit domestic companies in the floating offshore wind power industry within our borders.'

Renexia expects the project to be competed by the first half of 2026.