In a world that aspires to become greener and more sustainable, the race to increase energy efficiency continues. In this direction, also to take advantage of the new eco-bonus for condominiums, goes the latest double acquisition of Snam, which has reached an agreement to take over 70% of Mieci and Evolve, two companies operating in the energy efficiency sector, with a total investment of approximately 50 million. To finance the energy transition, the group also announced the launch of the second 500 million sustainable bond after the Climate Action Bond in February 2019. The operation, which follows the presentation of the Transition Bond Framework, envisages ten-year securities and curated by the Bank Imi, Unicredit, Bbva, SocGern, Bnp, Bofa, Goldman Sachs, JpMorgan and by Mitsubishi UfJ.
With this transaction, Snam accelerates the structural development of its business portfolio and substantially improves its competitive position in this business by acquiring, through the partnership with Gemma and Fen Energia, among the main national operators in energy and technology services for public bodies and private customers, new skills in energy efficiency in the public and residential sectors, explains the group led by Marco Alver.
In the residential sector, the synergies between Evolve and the ESCo (Energy Service Company) TEP Energy Solution, already controlled, will allow Snam to increase its market position, to play a leading role in the diffusion of energy efficiency in Italian apartment buildings, including in the context of the new eco-bonus.
The activities pertaining to the perimeter, relating to the transaction, of the two companies in 2019 generated total revenues of 60.5 million euros and an Ebitda equal to 11.8 million euros. Mieci is an operator specialized in the management of integrated energy and technological services for hospitals and public administration buildings, for the tertiary sector and for public lighting. Evolve offers efficiency solutions for private condominiums, urban districts and for public residential construction.
As part of the transaction, options are provided to allow Snam4Efficiency to acquire 100% of both companies in the future and, to the seller, to invest in Snam4Efficiency. The completion of the transaction, after obtaining the antitrust clearance, expected by October.