Hope and Galileo Create Barium Bay to Develop 1100 MW Wind Farm

Hope, a company with technical-operational headquarters in Bari that is active in renewable plant design, and Galileo Green Energy, a pan-European platform with a focus on renewable energy development, have created the joint venture Barium Bay that will develop a floating offshore wind farm in the Adriatic Sea.

Advisors to the transaction were Legance, which handled the structuring of investment agreements in the joint venture and due diligence activities, Laura Belardinelli, Galileo’s general counsel, and Milano Notai, which assisted the parties with the notarial aspects of the transaction closing.

If you want to find more details about the joint venture created by Hope and Galileo, and to read the latest financial news of the day, download for free our companion app Born2Invest.

The Barium Bay project, which is based on floating offshore wind technology, has a target capacity of 1100Mw

Galileo was established in 2020 as a pan-European platform for the development of renewable energy with the aim of making a significant and substantial contribution to the energy transition in Europe. Backed by four major institutional investors with long-term strategies, Infratil Limited (40 percent), Commonwealth Superannuation Corporation (20 percent), New Zealand Superannuation Fund (20 percent), and Morrison & Co Growth Infrastructure Fund (20 percent), today Galileo is pursuing a pipeline of photovoltaic, onshore and offshore wind, and storage system projects exceeding 8 GW in eight countries in Europe.

As for Hope, it is a new company, with its base of operations in Puglia, active in the renewable energy sector, founded by Nelke srl, Gardill srl, Ilirm srl, Engeo srl, and Basomaso srl, companies that have different backgrounds and have decided to put their expertise in technology, finance, engineering, media, and institutional fields at the service of a common goal. Hope is a new multidisciplinary platform committed to the realization on the Italian territory of new energy production plants from renewable sources (offshore floating wind, onshore wind, solar photovoltaic, biogas, and biomethane) coupled with green hydrogen production plants destined for different use solutions: heavy transport (BRT, naval, aeronautical, railway), vehicular transport, fuel cells, grid feeding, production of hydrogen derivatives. The current pipeline under development by the group already the 2GW of power and consists of onshore and offshore plants both wind and photovoltaic.

The Barium Bay project, which is based on floating offshore wind technology, has a target capacity of 1100Mw and plans to place the park over 40 kilometers off the coast from Bari to the north of Barletta.

‘Barium Bay’ will consist of 74 wind turbines with a capacity of 15 Mw each and is expected to produce, thanks to the windiness of the site, which is very distant from the mainland, more than 3 billion Kwh per year, or enough electricity to meet the needs of more than one million Italian households.

Currently, the Barium Bay jv is finalizing detailed environmental and technical studies with the aim of submitting its application for the environmental impact assessment procedure to the relevant ministries by next summer. In parallel, it will begin a point measurement campaign of the offshore wind resource, which will last about 24 months, for which the jv will refer to the Spanish company specializing in this field, Eolos Floating Lidar Solutions.

Michele Scoppio, CEO of Hope, said, “We are thrilled and satisfied with the consolidation of the partnership with Galileo, which demonstrates the goodness of our work together, as well as the synergistic integration thanks to which we have developed skills that make us a reference point for this new market in Italy. The ‘Barium Bay’ project offers an incredible opportunity for our territory and will help make it a hub of expertise that will drive the energy transition.”

Ingmar Wilhelm, CEO of Galileo, added, “Barium Bay is an out-of-class project because of its size and potential contribution to the energy transition in Italy using the country’s renewable sources. The Adriatic Sea offers a winning combination of the factors that make the development of floating wind projects very attractive for Italy: good windiness, large space, and appropriate connections to the national power grid. Finding a viable solution to cover the electricity needs for more than one million households in Italy is a source of great motivation and determination for us.”

This is not the first time that Galileo and Hope have collaborated: a few months they had created another joint venture, Lupiae Maris, aimed at building a 525 MW wind farm off Brindisi and Lecce for which an application was submitted to the Ministry of Environment and Energy Security for an environmental impact assessment last December 30, Lecceprima reported.

__

(Featured image by David_Will via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.