Renexia (Toto Group) will complete in Taranto the first offshore wind farm ever authorised in Italy
Chieti, June 11 2018 – Toto Group, through its subsidiary Renexia, is going to construct the first offshore wind farm ever authorised in Italy, the first off the coast of the Mediterranean Sea. It will rise on the coast of Taranto in Apulia and at full speed it will produce 58.200 MW. The operation involves an investment of 120 million euros for the construction of the plant.
Renexia S.p.a. is a specialized company engaged for years in the field of renewable energy. In the transaction Renexia Spa, through the subsidiary company Renexia Wind Offshore S.p.A. (“Renexia Wind”), acquired from Belex Holding S.A., a company of the Belenergia Group, 100% of the share capital of Beleolico S.r.l., owner of a business venture that has developed and obtained all the permissions for the construction of the first Italian offshore wind farm.
The project, which involves the installation of ten turbines in the stretch of water in front of the port of Taranto with a nominal power of 3MW each, will be carried out by the Toto Group itself through the subsidiary Renexia Services S.r.l. and, with its approximately 58,200 MWh of annual production, it will be able to supply electricity equal to the needs of approximately 21,000 households, avoiding the emission of 30,000 tons of CO2 every year. Construction work is expected to be completed in about a year.
In detail, the acquisition is partly financed through the issue by Renexia Wind of a fixed rate bond loan, non-convertible into shares and not subordinated, for a total amount of 25 million euros, listed on the Vienna Stock Exchange and subscribed by three investment funds specialized in infrastructure initiatives, managed by the company RGreen Invest SAS.
The construction will be financed through project financing by a major international credit institution.
The operation will lead to the creation of a unique project throughout the Mediterranean, and confirms Toto Group’s skills as EPC Contractor in the renewable energy sector and the national leadership in offshore wind energy, thanks also to the experience gained by the US subsidiary US Wind Inc. The project will allow a strengthening of the Group’s presence in the Italian green energy market, in line with the acquisition strategy in this segment.
The Toto Group is an international player, and was among the first to focus on the development of offshore wind. In fact, it has been operating in the USA since 2014 with its subsidiary US-Wind Inc., where today it is one of the leaders in offshore wind energy.
In the coming months, green light will be given to the construction of the first large wind farm off the coast of Maryland. Two years ago, in fact, US Wind was awarded the first large tender by the Federal State, which will lead to the construction of the first lot of 268 MW for an annual production of 913,825 MWh, a plant which, when fully operational, will have installed a total of approximately 750 MW.
The estimated investment for this first lot of the Maryland wind farm is approximately $ 1.3 billion. The fully operational plant will have annual sales volume of $ 150 million.
In February 2016, the American company of the Toto Group was awarded a second tender, a federal tender as well, for the construction of a second offshore wind farm, which will be situated off the coast of New Jersey. It will be a larger park with a potential installed capacity of around 3,000 MW.
As part of the Beleolico operation, the Toto Group was assisted by the BonelliErede law firm and the Belenergia Group by the Watson Farley & Williams law firm.