BREAKING NEWS – 28.03.2023

In the press release of 22 March 2023, Renergetica SpA, a company operating in the development of projects from renewable sources listed on Euronext Growth Milan, announced that the Board of Directors has resolved to propose to the shareholders’ meeting of the subsidiary Zaon S.r.l. (wholly owned by Renergetica), a capital increase with a surcharge, in order to allow the entry of two new investors, Exacto SpA (controlling shareholder of Renergetica) and Flame S.A., a company operating mainly in coal trading. The capital increase will amount to a nominal € 100.00 thousand (equal to the current share capital), with a surcharge of € 2.90 million, for a total contribution of € 3.00 million. This will be subscribed in part by Renergetica itself (for a nominal value of € 49.00 thousand), in order to own 51.0% and therefore maintain control of the subsidiary. Each of the two new shareholders will own 24.5% of Zaon’s capitaln. Exacto and Flame have declared themselves willing to provide in equal measure additional financial resources as shareholder financing, for an investment of up to € 10.00 million (inclusive of the amount paid for the aforementioned capital increase), in order to allow the acquisition and construction of new photovoltaic plants by Zaon. The operation will allow the Renergetica group to enter the sector of the construction and operation of medium/ small photovoltaic plants (up to 5 MWp), without diverting financial resources from the “core” activity concerning the development of larger photovoltaic plants. With this in mind, the first operation expected to be carried out by Zaon in the new shareholding structure concerns the purchase from Renergetica of 100.0% of the share capital of Ren 174 S.r.l., the company holding the Single Authorization for the construction and operation of a photovoltaic plant with a power of 2,415 MWp to be built in the province of Biella. The capital increase of Zaon is expected by the end of March 2023, while in the following month of April, the preliminary phases aimed at the construction of the photovoltaic system are expected to begin, which could be completed by the end of the current year (unless difficulties related to the supply of materials. It is an operation that is part of the broader project that sees the growth of Renergetica as a Group, and at the same time the concentration of its energies in Europe and in particular in Italy, through the recovery of resources from the Chilean and Colombian market, which will be progressively abandoned due to the current socio-political situation, which does not make them more strategic for the growth of the group. Taking into account the recent agreements, while waiting to evaluate the economic results of the 2022 fiscal year, we confirm our estimates: target price € 9.00, BUY rating and Medium risk.

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