Crédit Agricole Private Equity, via its Capenergie FCPR fund, and Elettrostudio Energia, an Italian green energy producer based in Venise-Mestre, have set up a joint investment vehicle called Elettrostudio Energia Infrastructure, providing €5 million each.
This transaction confirms the success of Capenergie’s first investment in Italy, which took place six months ago with its purchase of an interest in the capital of Elettrostudio Energia, alongside FriulAdria, Cariparma’s subsidiary, which is the Italian bank of the Crédit Agricole Group.
Endowed with an equity investment capacity of €10 million, Elettrostudio Energia Infrastructure is dedicated to the construction and operation of green energy power plants developed by Elettrostudio Energia in Italy. This new vehicle will enable Elettrostudio Energia to accelerate its strategy of building power generation facilities.
Elettrostudio Energia’s objective is to operate 250 MW in green power generation projects harnessing wind, solar, biomass and hydro energy by 2013.
Green energy remains a major priority for Italy. The country, which is heavily dependent on fossil fuels, needs to diversify its energy mix. This accounts for the very brisk development of renewable energies, with installed capacity at year-end 2009 reaching 4,850 MW in the wind segment and over 1,000 MWp in the solar photovoltaic segment and respective growth rates of 30% and 228% p.a.
Marco Ceroni, Chairman of Elettrostudio Energia, commented: “We decided to work with Crédit Agricole Private Equity owing to its ability to support us actively over the long term. The formation of this joint vehicle called Elettrostudio Energia Infrastructure represents the first illustration and will consolidate our partnership”.
Serge Savasta, Crédit Agricole Private Equity’s Head of Renewable Energy, added: “This deal represents another milestone in the development of Elettrostudio Energia to which we were delighted to contribute. Supporting the pioneers in the renewable energies sector with their industrial expansion remains the central pillar of our business”.
With this deal, Capenergie has sealed its 16th investment in just three and a half years and its 2nd investment outside France.
Marco Ceroni, Chairman
Carlo Drago, Head of development
Crédit Agricole Private Equity
Serge Savasta, Head of Renewable Energy
Bérengère Corson, Associate, Renewable Energy
Advisors to the Investors:
Legal: Giovanni Bocciardo and Anna Laura Pettoello, Ughi e Nunziante (Milan)
Legal: Alessio Vianello and Michela Mariani, Cabinet MDA Avvocati (Venice)
Martine Sessin-Caracci – email@example.com – +33 1 43 23 90 88
About Crédit Agricole Private Equity
Crédit Agricole Private Equity is an AMF-accredited asset-management subsidiary of Crédit Agricole, specialising in direct private-equity investment in non-listed companies.
A multi-specialist player, Crédit Agricole Private Equity’s team of 95 professionals manages €3 billion with specific expertise in LBO & Expansion, Venture Capital, Mezzanine, Co-Investment, Renewable Energy and PPP Infrastructure.
The Capenergie fund, dedicated to renewable energy and energy efficiency, has already invested in 16 ompanies or infrastructure projects in the wind, solar, hydroelectric and biomass segments.
Crédit Agricole Private Equity has signed up to the United Nations’ Principles for Responsible Investment (PRI). A committed shareholder, Crédit Agricole Private Equity provides the best possible support for businesses and delivers sustainable performance to its investors.