Edison has acquired a 50% stake in the proposed 975MW Wind Energy Pozzallo floating offshore wind farm in Italy from Blunova for an undisclosed price.

Blunova, which is a part of the Carlo Maresca Group, is engaged in developing and implementing renewable power plants.

Edison, on the other hand, is the Italian subsidiary of French state-owned energy company EDF Group.

Blunova and Edison have signed a partnership agreement to jointly develop the Wind Energy Pozzallo project.

The floating offshore wind farm is planned to be built off the coast of Pozzallo in Sicily, over 25km from the shore. Presently, it is in the authorisation phase with the Italian Ministry of the Environment (MASE).

It is expected to substantially contribute towards Italy’s goals for increasing newly installed renewable capacity and decarbonising electricity production.

The Wind Energy Pozzallo floating offshore wind farm is projected to avoid the emissions of more than 780,000 tonnes of carbon dioxide every year.

The construction of the wind project is expected to have positive impacts on the domestic economy during its construction phase. These benefits will continue during its operation and maintenance over a minimum period of 30 years.

Construction on the floating offshore wind facility is expected to take place in three years.

Edison vice president and power asset director Marco Stangalino said: “The agreement will allow Edison to accelerate its growth plan in renewable energy, aiming to reach a green capacity for the Group of 5GW from the current 2GW 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.”

For Blunova, Voltiq acted as the exclusive sell-side adviser and financial adviser for the transaction.

Last year, Edison opened the upgraded Marghera Levante thermoelectric plant in Italy, which is being run using both hydrogen and natural gas.