Sweden's Hexicon sets up floating wind JV in Italy

Swedish floating wind specialist Hexicon AB (FRA:67T) on Wednesday said it has teamed up with Italian renewables developer Avapa Energy to develop floating offshore wind projects in Italy.

The companies have formed a 50/50 joint venture (JV) called AvenHexicon SRL. Hexicon will license its patented floating wind technology to the JV for use in its projects and by other developers.

The Swedish firm said it has been looking for a partner in Italy, which it sees as a key market in Europe as the country is one of the main recipients of the EU Green Deal and has started the regulatory changes necessary for offshore wind development.

According to the announcement, the joint venture's work will include identifying potential sites for floating wind farms, so that the permit processes can be launched as fast as possible.

“An important part of our business model is to enter new and promising markets as early as possible and to establish both our project development skills and technology together with local partners,” said Hexicon chief executive Marcus Thor.

Hexicon is working on several projects around the world, collaborating with companies such as Shell and Copenhagen Infrastructure Partners (CIP).

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