CDP, Eni, Fincantieri and Terna teamed up to construct wave-energy power plants on an industrial scale

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Today in Ravenna, Italy, in the presence of the Prime Minister, Giuseppe Conte, CDP, Eni, Fincantieri and Terna signed a partnership agreement to set up a company for the development and manufacturing of wave-energy power plants.

This agreement will launch the first phase of a joint project to convert the Inertial Sea Wave Energy Converter (ISWEC) pilot project, an innovative system that transforms energy generated by waves into electricity, into an industrial-scale power station, making its application and use immediately available.

The partnership is focused on two phases: during the first phase, the companies will develop a business model and define a deployment plan for Italy. At the same time, the first ISWEC industrial installation will be completed near Eni’s Prezioso platform in the Strait of Sicily, in the Gela offshore, with a launch scheduled for the second half of 2020. During the second phase, the parties will work on the formal constitution of the new company, in addition to devising a plan for the production and development of activities, starting with the implementation in Italy’s minor islands first, and abroad at a later stage.

Claudio Descalzi, Eni’s CEO, commented: “This agreement fits perfectly in our strategic plan for decarbonisation and applies to Eni’s remarkable experience in both offshore activities and the management of highly complex projects. On the basis of those skills, we set up and installed the first industrial application of ISWEC in record time for this sector. The collaboration with three Italian excellences like CDP, Terna and Fincantieri, will allow to make available an outstanding asset of know-how and therefore accelerate the industrialisation process of this technology, unlike other similar projects”.