Foster Wheeler Awarded Wind Farm EPC Contract in Italy

Foster Wheeler Ltd's Milan-based subsidiary Foster Wheeler Italiana S.p.A., part of its Global Engineering and Construction Group, has been awarded an engineering, procurement and construction (EPC) contract by Voreas S.r.l. for a new wind farm at Pietramontecorvino, in Southern Italy. Foster Wheeler Italiana owns a 50 percent equity interest in Voreas.

The new 48 megawatt (MW) wind farm will be comprised of 24 state-of-the-art wind turbine generators. The new wind farm is expected to be completed by the end of 2007. The plant is expected to sell its power output in the new liberalized Italian power market and is also expected to sell Green Certificates for the first twelve years of operation, in accordance with recently enacted Italian legislation aimed at encouraging electricity production from renewable sources. A Green Certificate is an official record proving that a specified amount of electricity has been generated from renewable sources. Green certificates represent the environmental value of renewable energy production and can be traded separately from the energy produced.

"Foster Wheeler Italiana has been active and successful in power project developments since the early 1990s," said Gianfranco Brustia, director, Power Division, and vice president, Foster Wheeler Italiana S.p.A. "Foster Wheeler Italiana, through a separate wholly owned subsidiary, already owns three additional wind farms in the south of Italy with an overall capacity of 55 MW, of which 22.5 MW are already in commercial operation and the remaining 32.5 MW are at an advanced stage of development. This latest award further strengthens our position as a developer, equity investor and operator of wind farms in Italy."

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Posted 07/11/06

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