BREAKING NEWS

On May 13, 2025, ESPE – active since 1974 in the renewable energy sector as an EPC contractor in the supply of photovoltaic systems, and owner of the “ESPE” trademark technology for the development of mini-wind turbines and biomass cogenerators – announced the awarding of three new contracts from a leading Independent Power Producer (IPP) for the construction of ground-mounted photovoltaic plants, with a total capacity of approximately 19.4 MWp and a total value of around €10.90 million, bringing the Group’s order backlog to approximately €104.6 million.  The three new contracts involve the installation of: A plant in the province of Brindisi, located in a “Site of National Interest” that has already undergone environmental regeneration. The plant, with a capacity of 9.6 MWp and a contract value of €5.20 million, will feature solar tracking technology and include grid connection works. It is part of a broader urban redevelopment program promoted in collaboration with the Municipality and the ASI Consortium, which also includes green infrastructure, sustainable mobility, and energy efficiency improvements; A plant in the province of Fermo, with a capacity of 6.6 MWp and a value of €3.50 million, to be built on a 7.5-hectare disused quarry. The plant is expected to generate approximately 10 million kWh per year; A plant in the province of Perugia, with a capacity of 3.2 MWp and a value of €2.20 million, will be developed on a former industrial area as part of a redevelopment project authorized through a Single Authorization process, aiming to integrate renewable energy production with territorial regeneration. The geographic diversification and breadth of technology used (solar trackers, grid connection works) confirm ESPE’s ability to deliver advanced and customized solutions across the Italian territory. The completion of these projects is scheduled for 2025, ensuring strong short- to medium-term revenue visibility, as confirmed by the order backlog (97.0% linked to photovoltaic systems), which provides a solid foundation for future growth and reflects ESPE’s position among the leading Italian EPC contractors. Recent strategic operations (acquisition of Permatech, participation in Soland and Rigoni Lab) have further strengthened the Group’s design and operational capabilities, expanding its offering and efficiency.  Taking into account the new contracts, and pending evaluation of the FY2024 financial statements, we confirm our recommendation: Target Price € 4,40, BUY Rating and Risk Medium.

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