By Giulia Petroni

Engie SA and EDP Renovaveis SA's joint venture, Ocean Winds, said Thursday that it has reached a final investment decision on a floating offshore-wind pilot project in the Mediterranean Sea, marking the end of its development phase.

"This major step will allow the signing of contracts with the main industrial and financial partners and the launch of the project's actual implementation phase," the offshore-wind energy company said.

The project, called "EFGL", involves the construction and operation of three 10-megawatt floating wind turbines. The farm is set to be commissioned at the end of next year and will operate for 20 years, Ocean Winds said.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

January 27, 2022 07:02 ET (12:02 GMT)

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