By Nathan Allen

Eni SpA (ENI.MI) has signed an agreement to develop wave power on an industrial scale with Fincantieri SpA (FCT.MI), Terna Energy SA (TENERGY.AT) and Italy's state-controlled lender, Cassa Depositi e Prestiti.

The group plans to build on a pilot plant installed at one of Eni's offshore sites that converts energy generated by waves into electricity.

Eni said Friday that it expects the first industrial-scale installation to come online by 2020, and it will then consider rolling out the technology at other sites across Italy, particularly on the country's smaller islands.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

April 23, 2019 01:38 ET (05:38 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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