BREAKING NEWS

In its press release dated July 30th 2026, ESPE, a Group operating since 1974 in the renewable energy sector as an EPC contractor for the construction of photovoltaic systems and owner of the proprietary “ESPE” technology for small-scale wind turbines and biomass cogeneration units, announced the completion of the acquisition of a 55.0% stake in Soland Srl, a Piedmont-based company specializing in the design and installation of photovoltaic systems and energy efficiency solutions. The transaction was completed through the early and partial exercise of the call option provided for under the agreements signed in January 2025. The transaction represents the natural evolution of the integration process initiated in January 2025, when ESPE acquired an initial 30.0% stake in Soland. Following approximately eighteen months of operational collaboration, the Group decided to accelerate the exercise of the call option, increasing its overall stake to 55.0% and acquiring control of the company through the purchase of an additional 25.0% stake from Enermill Energie Rinnovabili Srl. The addendum signed by the parties reduced the portion subject to the call option from 40.0% to 25.0%, with a proportional adjustment to the purchase consideration and the related timetable, while the residual option on the remaining 15.0% stake was definitively cancelled. The new ownership structure nevertheless preserves the strong involvement of Soland’s historical management. The Board of Directors will consist of three members: Enrico Meneghetti will serve as Chairman, Massimo Caldera, co-founder of Soland, will retain the role of Chief Executive Officer, ensuring managerial and operational continuity, while Simone Mariga will serve as Director. Following the transaction, Caldera will continue to indirectly hold a 35.0% stake in Soland through Enermill Energie Rinnovabili Srl, thereby maintaining a significant alignment of interests with the ESPE Group, while the remaining 10.0% of the share capital will continue to be equally held by Matteo Vallivero and Emanuele Plano. The consideration for the acquisition of the additional 25.0% stake amounts to approximately € 1.18 mln and was entirely financed through the Group’s own resources at closing. The acquisition of the majority stake in Soland marks a further step in the Group’s external growth strategy pursued over recent years. It strengthens ESPE’s strategic coordination and introduces a governance structure more closely aligned with the Group’s long-term growth objectives, facilitating deeper industrial integration and enhancing the operational and commercial synergies developed over the past eighteen months. From a strategic perspective, the transaction further strengthens ESPE’s competitive positioning in the Italian photovoltaic market by expanding the Group’s presence in North-West Italy, broadening its integrated offering across the entire value chain and leveraging operational and commercial synergies within a single corporate ecosystem. The transaction enables ESPE to acquire a majority stake in Soland while preserving the industrial project and strategic objectives underlying the original investment. The agreed ownership structure allows Massimo Caldera, Soland’s historical shareholder and Chief Executive Officer, to retain a significant equity interest, a solution considered by the parties to be the most appropriate to facilitate Soland’s industrial integration into the ESPE Group. This structure ensures management continuity, preserves Soland’s know-how and long-standing commercial relationships, and aligns management’s interests with the Group’s medium- to long-term growth and value creation objectives. The transaction also comes during a particularly dynamic period for ESPE. On July 28th, 2026, the Company announced that it had been awarded a contract worth approximately € 3.90 mln by Magis Power Srl, a subsidiary of the Magis Group active in the development and management of renewable energy generation plants. The contract covers the detailed engineering, revamping and repowering of seven photovoltaic plants installed on the rooftops of ten industrial buildings located at the Interporto Quadrante Europa logistics hub in Verona, with a total installed capacity of approximately 7 MWp. Specifically, ESPE will carry out the technological upgrading of the existing plants with the objective of improving their performance, energy efficiency and operational reliability. The project involves one of Europe’s largest logistics hubs and is part of the rapidly expanding market for the refurbishment of existing photovoltaic installations, a segment expected to benefit from the progressive ageing of Italy’s installed solar capacity. According to the Company, the contract further strengthens ESPE’s positioning as a leading partner in the design and execution of technically advanced photovoltaic projects and reinforces its presence in the revamping and repowering market, a segment expected to play an increasingly important role in the energy transition and in maximizing the efficiency of existing renewable energy assets. Completion of the project is expected by 2027. Overall, the completion of the Soland acquisition and the award of the new contract further strengthen the Group’s industrial profile while reinforcing its competitive positioning within the Italian photovoltaic market. In light of these developments, we reiterate our BUY recommendation, with a Target Price of € 8.00 and Medium risk rating

Leggi il pdf