Snam Expands Energy Efficiency Portfolio; Completes Acquisition of 70% Stake in Mieci, Evolve

Italian energy infrastructure company Snam, through its wholly-owned subsidiary Snam4Efficiency, has completed the acquisition of 70 per cent stake in Mieci SpA and Evolve Srl from Gemma Srl and Fen Energia SpA, following receipt of antitrust clearance.

October 06, 2020. By Manu Tayal

Italian energy infrastructure company Snam, through its wholly-owned subsidiary Snam4Efficiency, has completed the acquisition of 70 per cent stake in Mieci SpA and Evolve Srl from Gemma Srl and Fen Energia SpA, following receipt of antitrust clearance.

Snam is among leading energy infrastructure companies as well as one of the largest Italian listed companies by market capitalization. Both Mieci and Evolve are companies active in Italy in the energy efficiency sector.

Mieci is an operator specializing in the management of integrated energy and technology services and in the design and execution of energy redevelopment and deep renovation (or restructuring aimed at reducing consumption) for hospitals and public administration buildings, for the tertiary sector and for the public lighting. While, Evolve offers integrated efficiency services for private condominiums, urban districts and for public housing, also through the construction and management of thermal power plants and systems for the production of electricity from renewable sources such as photovoltaic and biomass.

Further, the transaction has a total value of approximately €50 million. As part of the transaction, options are provided to allow Snam4Efficiency to acquire 100 per cent of both companies in the future.

Through these acquisitions, Snam substantially improves its competitive positioning in the business, integrating new skills in energy efficiency activities for both the public and residential sectors thanks to the partnerships with Gemma and Fen Energia, which are among the main national operators in technological and energy services for public entities and private customers.

In the residential sector, the synergies between Evolve and the ESCo (Energy Service Company) TEP Energy Solution, already controlled by Snam4Efficiency, will allow Snam to increase its market position and play a leading role in spreading energy efficiency in Italian condominiums, particularly within the broader context of the government’s new eco-bonus scheme.

Meanwhile, the two companies’ activities relating to the transaction generated total revenues of €60.5 million and an EBITDA of €11.8 million in 2019.

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