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M&A Fever Hits Canada's Oil and Gas Industry

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The mergers and acquisitions wave…

Siemens And FATA To Build Billion-Dollar Power Link In Italy

Siemens Energy and Italy's FATA have landed a contract worth almost $1.08 billion to supply transmission technology for a 970 km long power link joining Sardinia, Sicily, with the Italian mainland. 

The deal includes the delivery of four converter stations that will enable more efficient use of renewable energy. 

Siemens explained that the project "will enable more efficient use of renewable energy, increase the stability of the power grids, and enable the close down of coal-fired power plants on the two islands to reduce CO2 emissions.” 

While Siemens Energy will construct the primary components for stations, FATA will take care of other essential civil work, electromechanical installation, and pre-commissioning assistance. 

With an anticipated completion at the end of 2028, the fossil fuel transition project will bolster Italy's efforts to reduce its carbon footprint and promote green energy.

The project will ensure a sustainable energy supply to millions of Sicilians and Sardinians while reducing the region's carbon footprint by as much as 30% if we compare it to traditional fossil fuel generation methods. It will also cut down costs tied to electricity transmission by up to 40% compared to conventional procedures.

This venture highlights Siemens Energy's commitment to working with countries globally to shift towards cleaner energy sources to power their economies. 

Over the past few years, the company has significantly invested in research and development in renewable energy technologies, including wind turbines, solar panels and battery storage systems, culminating in groundbreaking initiatives such as the Tyrrhenian Link.

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By Michael Kern for Oilprice.com

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