Econostrum | Economic News in the Mediterranean

Eiffel Essentiel invests €7m in Italian renewable energy developer GreenGo

Written by Eric Apim on Tuesday, March 22nd 2022 à 15:30 | Read 478 times

Eiffel Essentiel invests €7m in Italian renewable energy developer GreenGo
Eiffel Essentiel invests €7m in Italian renewable energy developer GreenGo
FRANCE / ITALY. The Eiffel Essentiel fund is investing €7 million in the Italian company GreenGo, a professional developer of renewable energy (wind farms, photovoltaic parks, green hydrogen plant). This is the first private equity investment outside France in this sector by this development capital fund managed by the French Eiffel Investment Group (EIG - €4 billion under management and 75 employees). Launched in January 2021 and endowed with €300m (€500m in the long term), Eiffel Essentiel is dedicated to European companies in the energy and ecological transition and is signing its fifth operation.

This investment and shareholding agreement will enable GreenGo to finance "the consolidation, acceleration and continuation of its growth", as stated in a press release. The Bologna-based company has 1.3 gigawatts (GW) of power in the pipeline and aims to exceed 1.5 GW by the third quarter of 2022.

The entry of Eiffel Essentiel results in the appointment of a board of directors consisting of Guiseppe Mastropieri (CEO of GreenGo), Fabio Amico (design and engineering director of GreenGo) and Thibault Vanpeene (director of Eiffel Essentiel). "This new governance will ensure stability and an agile decision-making process, allowing us to seize market opportunities in the coming years, offering fast and bankable solutions for the green energy transition in Italy," said Lorenzo Nardon, head of mergers and acquisitions at GreenGo.

Present in four Italian regions

"This transaction places GreenGo in a unique position in the Italian renewable energy market thanks to a strong engineering expertise and a vertically integrated development team, which will be strengthened by the financial capabilities provided by a leading investor such as Eiffel," emphasises Giuseppe Mastropieri, who will retain his position as CEO.

Founded in 2018 by the Italian groups FIMM and Rea, GreenGo has a multidisciplinary team of fifteen highly qualified employees and aims to create a professional cluster present along the entire renewable energy value chain in Italy and Southern Europe. The company currently operates in four Italian regions: Emilia Romagna, Puglia, Calabria and Sicily.


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