Edison has acquired a 50% stake in a special purpose company aimed at developing a 975 megawatt (MW) offshore floating wind project in Sicily, the utility said on Wednesday.
Italy, which has no floating offshore wind farms in operation yet, aims to generate nearly 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 has recently approved an Italian state aid scheme potentially worth 35.3 billion euros ($38 billion) over the next 20 years to support the construction of green energy plants running on innovative technologies, including offshore wind.
The Italian subsidiary of French power group EDF said that special purpose company Wind Energy Pozzallo had already filed to get the approval for the project by the energy ministry, adding its construction could take three years.
Edison estimates that the wind farm, due to be built in the Mediterranean sea some 25 kilometers off the Sicilian coastal town of Pozzallo, will avoid the emission of more than 780,000 tonnes of carbon dioxide a year.
"The agreement will enable Edison to accelerate its growth plan in renewable energy, which envisages increasing the group's green capacity from the current 2 gigawatt (GW) to 5 GW by 2030," said Edison Vice President Marco Stangalino.
Edison's investment in Wind Energy Pozzallo was made through a deal with Blunova, a company active in the renewable energy sector.
($1 = 0.9365 euros)
(Reuters - Reporting by Romolo Tosiani; Editing by Francesca Landini and Keith Weir)