Eni gas e luce acquires 70% of Evolvere

Source: press release, 18 November 2019

Evolvere owns around 8,000 photovoltaic plants installed on domestic customers’ and businesses’ rooftops
Evolvere owns around 8,000 photovoltaic plants installed on domestic customers’ and businesses’ rooftops (photo: Evolvere)

Eni gas e luce, the energy retail company 100% controlled by Eni, has signed an agreement with L&B Capital, Evolvere S.p.A.’s main shareholder, by which it acquires 70% of Evolvere S.p.A., with a possibility to acquire the remaining 30% of the company in the future, at the terms already agreed between the parties.

The transaction, which will be finalised upon receiving all authorisations from the relevant authorities, is strategic for Eni gas e luce, which becomes leader in the area of solar distributed generation in Italy, in line with Eni’s mission that seeks to build value through the energy transition.

With Evolvere’s acquisition, Eni gas e luce – a gas, power and energy solutions provider with 8 million customers in Italy – strengthens its commitment to help its customers make the best use of energy, to use it less. This acquisition follows closely Eni gas e luce’s entry into the e-mobility market, with the launch of electric vehicles’ recharging solutions for households and businesses.

Evolvere is a front-runner in the distributed generation sector in Italy, with around 11,000 photovoltaic plants, accounting for around 58 MW of total installed power. Among these, it owns around 8,000 plants installed on domestic customers’ and businesses’ rooftops. The company’s offer includes the sale, installation and maintenance of solar photovoltaic plants and batteries for residential customers and businesses up to 20 KW.

In addition, thanks to a proprietary technological platform, the company offers its customers the ability to monitor and manage their homes remotely, as well as advanced analytical tools to monitor energy production and reduce energy consumption. Evolvere is also involved in a pilot test in Lombardy (Italy) for the supply of flexibility services from households to the grid. Evolvere is well-placed to benefit from the development of energy communities, as per the European Directive RED II, soon to be adopted in Italy.

Eni gas e luce’s Chief Executive Officer Alberto Chiarini says, “In an energy market where final customers take on a more active role – being both producers and consumers – Evolvere’s acquisition lets Eni gas and luce become a leader in the market of distributed generation from renewable sources in Italy, in accordance with Eni’s mission that aims to create value through the energy transition.”

“Following the acquisition, Eni gas e luce is best positioned to create further value,” Chiarini adds, “making new business opportunities available to Evolvere, by involving its business partners and providing the company with the resources needed to seize the opportunities of a fast growing market.”

In Italy, the market of small photovoltaic plants is expected to grow fast in the next 4 years, with an average of new installed power of 290 MW per year, counting on a potential pool of around 9 million single-family or two-family houses, on top of the around 800,000 prosumers (energy producers and consumers) already active.