Dolomiti Energia, a consortium to buy 40% of hydroelectric power from Australia’s Macquarie – Corriere.it

Reorganization in sight for Hydro Dolomiti Energia. For some months now, Macquarie has put 40% of the company up for sale, which owns numerous hydroelectric plants and concessions in Trentino. The process attracted the preliminary interest of some investment funds which did not materialize in offers. In recent days, however, a consortium led by Equitix would have come forward for the shares of the Australian manager, valued at between 350 and 400 million euros.

The consortium

The British fund is already a 5% shareholder of the parent company and manages assets of over 11 billion. Equitix would have gathered around Italian and local institutional investors such as Tages, La Finanziaria Trentina, the Caritro Foundation and other local players. It should not be ruled out that the parent company of Hde, Dolomiti Energia, whose main shareholders are the Autonomous Province of Trento and the municipalities of Trento and Rovereto, may also join the structure. The group closed 2022 with revenues of 3.4 billion euros (+53.7% compared to 2021) and a gross operating margin (ebitda) of 196.5 million euros (-5%).

The game of hydroelectric concessions

The deal would respond to financial, industrial and territorial logics, in a complex and evolving legal context. At the end of 2024, 17 hydroelectric concessions will expire, 13 of which belong to HDE. With a law, the Province of Trento extended them to 2029, allowing the postponement of tenders against investment plans by the current owners. However, the government challenged the measure before the Consulta, explaining that the appeal is a due act in compliance with European standards and the commitments made with the Pnrr.