SACE and SIMEST, which together form the CDP Group’s export and internationalisation hub, are jointly supporting the entry in the United States of E.VA. Energie Valsabbia (EVA Group), a Brescia-based company active in the renewable energy sector and energy efficiency services.
The EVA Group acquired control of the California company Alternative Energy Systems Consulting Inc. (AESC) for about €4.5 million. AESC is active in providing innovative energy services (distributed generation, energy efficiency, renewable energy, electric mobility, smart grids, etc.) to private customers and the main utilities and public authorities in California.
To carry out the acquisition, the EVA Group established a US newco with SIMEST as a 49% partner (for an investment of €2 million) and was granted a bank loan by Intesa Sanpaolo of around €2 million, guaranteed by SACE. The new company is headed by Antonio Corradini, the current CEO of AESC. The structuring the EVA acquisition was supported by attorney Carlo Periti from the Negri-Clementi law firm.
With the acquisition of AESC, the EVA Group expands its activities in a sector with very high growth potential and in one of the most advanced and richest areas in the world. This will allow the group to accelerate and enrich the business plan with strategic options, aiming, on the one hand, to expand hydroelectric and photovoltaic generation (with 28 plants for a total installed capacity of over 32.0 MWp), and, on the other, to deliver innovative energy services. To achieve these objectives, the EVA Group will be hiring more than 20 new engineers (IT, electrical and mechanical) from the leading Italian and US universities in the next 12 months. Furthermore, thanks to the acquisition, the EVA Group will post consolidated turnover of more than €25.0 million in 2017 and an EBITDA of around €13.5 million.
SACE and SIMEST are the CDP Group’s export and internationalisation hub
- SACE, a wholly-owned subsidiary of Cassa Depositi e Prestiti, offers export credit services, credit insurance, protection of foreign investments, financial guarantees, bonding, and factoring services. With €87 billion in transactions insured in 198 countries, it supports the competitiveness of companies in Italy and abroad, ensuring more stable cash flows and transforming the default risk of companies into development opportunities.
- SIMEST, 76%-owned by SACE, with leading Italian banks and trade associations among its other investors, supports companies throughout their entire international development process, providing soft loans for internationalisation, export credit support and equity investments.
E.VA. Energie Valsabbia is a company based the province of Brescia founded in 2001. In 2016 it posted consolidated turnover of €17.5 million, with an EBITDA of around €9.7 million, employing 17 staff.
AESC develops energy services software. It focuses its activities in California and Oregon through offices in San Diego, Los Angeles, Fresno, Sacramento, San Francisco and Portland. AESC has over 40 engineers covering all aspects of innovative and sophisticated energy services. AESC has a turnover of around $7.5 million, an EBITDA margin of over 12.0% and a positive financial position of over $1.2 million.
Contacts details for the media:
Tel: +39 06 68635.777
SIMEST is part of the CDP Group, 76% owned by SACE, with leading Italian banks and trade associations among its other investors. SIMEST and SACE form the export and internationalisation hub of the CDP Group, which offers the entire range of financial instruments to support Italian companies interested in competing and expanding internationally. In particular, SIMEST supports companies throughout their entire international development process, providing soft loans for internationalisation, export credit support and equity investments.