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Nereus Unveils Plan for 2.2 GW Marine Wind Farm South of Gargano

Nexta Capital is the first large-scale initiative in offshore wind power off the Italian coast. The Nereus project will produce up to 5 TWh of clean electricity annually, which will be partly fed into the national transmission grid and partly converted into green hydrogen. The amount of electricity produced by the park will be able to meet the annual needs of 2.5 million homes.

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Nereus srl, a company under Nexta Renewable Fund Sicav RAIF, a Luxembourg-registered vehicle, which in turn is managed by UK-based Nexta Investment Management, an asset manager of Nexta Capital Partners Group, has filed an application for a marine state concession to build a marine wind farm with floating technology.

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The park will house 147 wind turbines

The area designated for the installation of the wind farm is located in the Adriatic Sea, in the stretch of water south of the Gargano, indicatively east of Vieste (FG), at distances between 24 km (minimum distance from the coast with respect to Vieste) and 48 km with respect to the landfall point in the municipality of Barletta (BT), and depths indicatively between about 80 and 120 m.

The park will therefore rise in extra-territorial waters and will occupy a body of water of about 6.7 million square meters that will house 147 wind turbines with a total capacity of 2,205 MW. Given the curvature of the land, the park will be barely visible from the coast and its landscape impact will be greatly mitigated.

The Nereus project (the name refers to the Greek mythological character called by Homer the “watchman of the sea”) will produce up to 5 TWh of clean electricity annually, which will be partly fed into the national transmission grid and partly converted into green hydrogen. The amount of electricity produced by the park will be able to meet the annual needs of 2.5 million homes and enable decarbonization equivalent to planting nearly 10 million trees.

Fabrizio Caputo, co-founder and managing director of Nexta Capital Partners, said, “Nereus aspires to be a significant response to Italy’s goals of energy independence and clean energy supply. The realization will avoid carbon dioxide emissions of more than 3 million tons per year by contributing to global decarbonization. The project is based on the most advanced principles of sustainability and sharing with the local community.”

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Michele Mettola, also co-founder and managing director of Nexta Capital Partners, added, “Nereus will become an icon of the Italian and European energy industry in this phase of energy transition. It is a project that, for the construction and operation of the plant, will generate an important supply chain creating high added value for the local economy.”

In addition to Caputo and Mettola, Nexta Capital Partners’ top management includes Gary Neville, a third (non-founding) partner and former investment director of the Inframed Infrastructure fund

Nexta Capital is a London-based investment firm specializing in sustainable energy infrastructure with a strong innovative content. In Italy it has projects of more than 5 GW under development, 60 percent of which are in photovoltaics and the rest in wind, to which must be added projects of about 800 MW in storage. The Nexta Renewable Fund has a funding target of €500 million and develops and invests in renewable energy plants both newly built and already operational in Italy, Spain, Greece, and Portugal.

Nexta Capital is the first large-scale initiative in offshore wind power off the Italian coast. Recall, however, that the ENI group is already present in the sector through Vårgrønn, a joint venture that is 69 percent owned by ENI’s subsidiary Plenitude (formerly Eni Gas & Luce) and the rest by HitecVision, the largest private investor in the hydrocarbon sector in Norway. Last summer Vårgrønn decided to participate in the development of Dogger Park, which will be the world’s largest offshore eoil park, by taking over the 20 percent stake in the project held by Plenitude itself.

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(Featured image by ELG21 via Pixabay)

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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.

Helene Lindbergh is a published author with books about entrepreneurship and investing for dummies. An advocate for financial literacy, she is also a sought-after keynote speaker for female empowerment. Her special focus is on small, independent businesses who eventually achieve financial independence. Helene is currently working on two projects—a bio compilation of women braving the world of banking, finance, crypto, tech, and AI, as well as a paper on gendered contributions in the rapidly growing healthcare market, specifically medicinal cannabis.

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