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Terna sets course for Esco and acquires 70% of Avvenia

The company led by Luigi Ferraris has signed the agreement for the acquisition, through its subsidiary Terna Plus, of the main assets of Avvenia, one of the first Italian Energy Service Companies. Closing at the beginning of 2018 for approximately 7 million euros, option for the remaining 30%

Terna enters the energy efficiency sector and expands the offer of innovative services by acquiring the main assets of Come, the major Italian player in the field of energy efficiency and environmental sustainability. 

Avvenia will therefore see its assets flow into a NewCo controlled by Terna. The operation comes about two months after the partnership created between the two companies to identify new commercial opportunities in the field of energy efficiency. 

Founded in 2001, Avvenia was among the first companies to operate in the management of White Certificates, the mechanism introduced to promote an increasingly rational use of energy services. In 2016 Avvenia recorded revenues of over 12 million euros, an Ebitda of around 2 million euros and a positive Net Financial Position

The agreement provides for the sale of 70% of the company shares for a sum of around 7 million, based on a total enterprise value of 10 million, with an option for the remaining 30% within 24 months of the closing of the transaction. which will arrive in early 2018.  

“This transaction allows Terna to enrich the offer of integrated energy solutions for the market and, by leveraging Avvenia's know-how, to present itself as an Energy Solution Provider, in line with the provisions of the Strategic Plan for Non-Regulated Activities of the Group”, declares Luigi Michi, Terna's Head of Strategy and Development.

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