Ivy e Ascopiave have signed the framework agreement which will kick off the commercial partnership through the joint venture EstEnergy, a new reality in the energy sector of the North-East that will have over a million customers. The two companies have also launched a reorganization of the gas distribution activities.
The operation provides the exchange between Hera and Ascopiave of assets of equal value, strategic for the development of the two companies in energy commercial activities, on the one hand, and in gas distribution, on the other, in line with the strategic lines of the two groups.
On the commercial front, the creation of a single operator for commercial activities in the regions of Veneto, Friuli-Venezia Giulia and Lombardy, through EstEnergy, already jointly controlled by Ascopiave and Hera Comm, which will manage approximately 795 thousand gas contracts and approximately 265 thousand electricity contracts, thus exceeding the threshold of one million contracts.
When fully operational, EstEnergy will have a consolidated Ebitda of around 69 million on a 2018 basis, excluding the contribution of companies held with minority interests. The share capital of EstEnergy will be held 52% by the Hera Group and 48% by Ascopiave.
Furthermore, on the closing date Ascopiave will acquire a share equal to 3% of the capital of Hera Comm, acquiring the right to appoint a member of the Board of Directors, while Hera Comm will directly acquire 100% of the capital of Amgas Blu, active in the province of Foggia.
The reorganization of the gas distribution activities envisages, on the other hand, the purchase by Ascopiave of a number of concessions by the Hera group, including 188 users in Veneto and Friuli-Venezia Giulia. In this way, Ascopiave will be able to directly manage around 775 users and over 12 km of network.
The closing of the transaction should arrive by the end of the year.
Thanks to this transaction, Hera anticipates the achievement of the target of 3 million customers in energy commercial activities (3,2 million referred to 31.12.2018) set in the business plan to 2022.
