CVA acquires renewable systems for 340 million euros
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CVA (Compagnia Valdostana delle Acque) acquires Sistemi Rinnovabili. The Aosta Valley group recently signed a preliminary contract for the acquisition from the Pioneer Point Partners and DavidsonKempner European Partners funds of 100% of Sistemi Rinnovabili, a company that holds 42 MW of operational photovoltaic plants, 194 MW of authorized projects and 846 MW of projects in course of work, to which is added a potential further development on the way for a further 1,200 MW.
The operation will allow the Aosta-based group to further consolidate its position as leading Italian operator for renewables: in fact, it will reach 514 MW of installed wind and photovoltaic capacity by 2024, thanks to the 292 MW contributed by Sistemi Rinnovabili which will be operational by that date.
Diversification strategy
«The acquisition will allow CVA to play a leading role in the challenge of the energy transition. The growth in the photovoltaic sector goes hand in hand with the historic and deep-rooted presence of the group in the hydroelectric sector and further consolidates its profile as the primary Italian renewable operator, in line with the strategy of diversifying renewable sources for the production of electricity”, stated the president by CVA Marco Cantamessa.
Investment of 340 million
The consideration paid for the acquisition of Sistemi Rinnovabili is equal to 340 million euros. The transaction, which will generate an estimated contribution to Ebitda for the five-year period 2022-2026 of 492.3 million euros, is part of the strategic path outlined in the 2026 Business Plan, which provides for approximately 650 million euros of investments, of which over 410 million for new plants for the production of electricity from renewable sources, of which 383.6 million by 2024.
Acceleration on targets
«The operation has a particular industrial value since it will allow CVA to reach the targets set by the 2022-2026 strategic plan in advance. It will also allow CVA to exploit its important technological know-how and its ability to manage plants, allowing it to guarantee a significant contribution to the construction of an energy mix aimed at improving prices for families and businesses as well as for greater autonomy and energy security. CVA will also be able to achieve diversification and expansion objectives in the generation of green energy, with the prospect of further development with the grounding of authorized and pipeline projects and the consequent significant impact on the Aosta Valley socio-economic fabric”, stated the administrator CVA delegate Giuseppe Argirò.
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