Technip Energies Selected by Renexia for the Med Wind Project – The World’s Largest FEED for Floating Offshore Wind Development

Rhea-AI Summary

Technip Energies has been selected by Renexia to conduct front-end engineering and design (FEED) for the Med Wind floating offshore wind project in the Mediterranean Sea, 60 km off Sicily. The scope includes FEED for 190 floating foundations and moorings for wind turbines, using Technip's INO15™ technology. The project will have a capacity of 2.8 GW, sufficient to power over 3 million households in Italy. This development supports Italy's renewable energy goals and decarbonization efforts.

Positive

• Selected by Renexia for the Med Wind offshore wind project, enhancing Technip Energies' portfolio.
• The project will utilize Technip's proprietary INO15™ technology, indicating confidence in their innovation.
• The Med Wind project will produce 2.8 GW, contributing significantly to Italy's energy needs.

Negative

• None.

PARIS--(BUSINESS WIRE)-- Technip Energies (PARIS:TE) has been selected by Renexia to perform the front-end engineering and design (FEED) for the Med Wind floating offshore wind project, located in the Mediterranean Sea, 60 kilometers off the west coast of Sicily.

(Graphic: Business Wire)

The scope of work covers the FEED for the 190 floating foundations and moorings for the wind turbines and the conceptual design for the floating offshore sub-stations.

The design of the floating foundation will be based on Technip Energies’ in-house floater technology INO15™, a three-column semi-submersible floater that is well suited to large series production.

Renexia, a subsidiary of Toto Group, is an Italian company specialized in the development and management of renewable energy plants. In April 2022, Renexia completed the Mediterranean’s first marine wind farm in Taranto (Puglia).

The Med Wind project is located in the Strait of Sicily and will have an installed power capacity of 2.8 GW, which is equivalent to powering more than 3 million Italian households.

Laure Mandrou, SVP Carbon Free Solutions of Technip Energies, commented: “We are pleased to have been selected by Renexia for the largest floating offshore wind development in the Mediterranean Sea. By leveraging our in-house technology, combined with our engineering and design capabilities, we are glad to support such a major development which will play a key role in achieving Italy’s ambitious renewable energies development plan and national decarbonization goals.”

About Technip Energies

Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO₂ management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.

Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.

Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) trading over-the-counter in the United States. For further information: www.technipenergies.com.

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates. All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.

For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.

Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221214005864/en/

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Source: Technip Energies

FAQ

What is the significance of the Med Wind project for Technip Energies (THNPY)?

The Med Wind project represents a major contract for Technip Energies, enhancing its position in the renewable energy sector.

How much power will the Med Wind floating offshore wind project produce?

The Med Wind project will have an installed power capacity of 2.8 GW.

Which technology will Technip Energies use for the Med Wind project?

Technip Energies will use its in-house technology, INO15™, for the floating foundations.

Who is Renexia and what is their role in the Med Wind project?

Renexia is a subsidiary of Toto Group, specializing in renewable energy, and has selected Technip Energies for the project's FEED.

Where is the Med Wind project located?

The Med Wind project is located 60 kilometers off the west coast of Sicily in the Mediterranean Sea.