Roma, December 20 2018. Renexia, the Toto Group company active in the renewable energy sector, through its US subsidiary US Wind Inc., has signed an agreement with EDF Renewables North America, a subsidiary of the French multinational EDF, for the sale of the concession for the design, construction and operation of the world’s largest offshore wind farm. The stretch of water, which is located off the coast of New Jersey and covers about 750 square kilometers (more than twice the size of the island of Malta), can accommodate up to 2500 megawatts of installed capacity. The price of the operation is divided into an upfront, already paid, equal to 215 million dollars, and a deferred payment parameterized to certain events.
The agreement grants US Wind the right to appoint a member to a Special Steering Committee dedicated to monitoring the New Jersey project. In addition, the Group will have the opportunity to operate in the construction (EPC) of the field, as EDF is committed to involving the Toto Group in the selection process for the construction of the plant.
This operation is part of Renexia’s business plan, which provides, on the one hand, for the development and enhancement of assets and, on the other, for the construction and management of the plants. Realising the huge potential of the market, the Toto Group, through Renexia and US Wind, has managed to position itself as one of the leading players in the offshore wind sector in the United States, with a potential of around 7 GW thanks to a series of projects located in the States of Maryland and South Carolina.
Renexia S.p.a. is the Toto Group company involved in the development, design, construction and management of renewable energy plants. Relying upon Toto Group’s long experience in the design and construction of complex road and rail infrastructures, it is able to operate as an EPC contractor in the renewable energy sector, and has developed and sold the third largest photovoltaic park in Italy in terms of power, near Eboli. From 2014, through its subsidiary US Wind Inc., has entered the North American market, achieving the development, design, construction and concession of the two largest offshore wind farms in America, both on the Atlantic Coast.
The “Maryland 1” project (268 MW, with an annual production of about 1,000,000 MWh and a tariff of $164/MWh) will be the first to be completed, by 2022, and will be the first industrial-scale offshore wind farm in the States, politically supported by a bipartisan majority at state and federal level thanks to the project’s macroeconomic benefits in terms of job creation (estimated at 3,580 direct hires in the State of Maryland and a further 3,469 jobs in the related industries) and investments arranged with the State of Maryland for the creation of a steel production and processing plant and industrial upgrading works at the TradePoint Atlantic shipyard. Moreover, thanks to the experience gained in the United States and with a vision of the future that aims to reconcile industrial development with environmental protection, Toto Group was the first to focus on the implementation of offshore wind projects in Italy.