BREAKING NEWS – 03.06.2024

In the press release of May 29th, 2024, ESPE SpA – A company operating continuously and structured in the renewable energy sector as an EPC contractor specializing in the supply of photovoltaic plants and owner of the “ESPE” brand technology for the realization of turbines in the mini-wind and biomass cogenerators, announced the conclusion of an agreement with an important Italian client, part of a group among the leading international energy producers. This agreement concerns the construction, by the first half of 2025, of an onshore photovoltaic plant in the province of Matera, with a total capacity of 9.2 MW and a value of approximately € 5.00 mln.  Thanks to this new contractual agreement with an already established customer in its portfolio, ESPE strengthens its presence in the national photovoltaic sector, demonstrating excellent customer loyalty. Following the signing of this new contract, the Company’s order backlog amounts to approximately € 102.00 mln, 98.0% of which are photovoltaic projects. The current order backlog will be completed by the end of the first half of 2025. Obtaining this prestigious and significant order is a confirmation of the positive path of growth and development undertaken by ESPE. This achievement underscores the effectiveness of the business strategies implemented and further strengthens the Company’s position in the renewable energy market. This success consolidates our confidence in the soundness and growth potential of the Company, highlighting its ability to attract high-profile clients. What is reported in the press release reinforces our positive view on the stock. We therefore confirm our estimates: target price € 4.15 BUY rating and risk Medium.

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