{"id":35400,"date":"2026-06-09T08:38:29","date_gmt":"2026-06-09T06:38:29","guid":{"rendered":"https:\/\/integrae.it\/?p=35400"},"modified":"2026-06-09T08:38:31","modified_gmt":"2026-06-09T06:38:31","slug":"update-101","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-101\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
In a press release dated 5 June 2026, ESPE, a group active since 1974 in the renewable energy sector as an EPC contractor for the construction of photovoltaic plants and owner of the \u201cESPE\u201d brand technology for small wind turbines and biomass cogenerators, announced the signing of a new contract with a leading Independent Power Producer active in the development and management of proprietary energy assets. The contract, worth \u20ac15.20 million, involves the construction in Puglia of an advanced 53.80 MWp agrivoltaic plant with tracker structures and represents, in terms of installed capacity, the largest project ever undertaken by the Group. Completion of the work is scheduled for 2027.

The project is significant both for the scale of the initiative and for its technical and regulatory characteristics. The plant will be built using an advanced agrivoltaic model, featuring elevated trackers designed to integrate renewable energy production with ongoing agricultural and livestock activities, including sheep farming. Furthermore, the contract is among the first initiatives in Italy launched under the new FER X mechanism, which provides for competitive procedures for the allocation of reference tariffs over a 20-year period, helping to make expected revenues more predictable and improving the bankability of eligible projects. In this sense, the award confirms ESPE\u2019s ability to manage initiatives of increasing scale and with a higher level of implementation complexity, capturing demand driven by industrial operators and IPPs focused on developing proprietary renewable assets.

Following this new contract, the Group\u2019s total order backlog has reached \u20ac114.70 million, with operational visibility through the end of 2027. The composition of the backlog confirms the central role of photovoltaics in ESPE\u2019s growth profile, with approximately 98.0% of the order backlog attributable to this segment and an agrivoltaic component accounting for 33.0%. This figure further reinforces the assessment already highlighted in the commentary on the FY25A results, which closed with production value of \u20ac83.31 million, EBITDA of \u20ac15.10 million, and an EBITDA margin of 18.1%, in a fiscal year characterized by growth in the utility-scale and agrivoltaic segments, larger average contract sizes, and the progressive consolidation of the industrial scope.

This new order is therefore in line with the operational development strategy outlined: photovoltaics continue to be the Group\u2019s main economic driver, but within an increasingly integrated model in which EPC expertise is progressively complemented by complementary activities throughout the supply chain. The acquisitions of Permatech, Reflow, Soland, Secur Impianti, Brain Room, and Heliogea Energy have in fact strengthened the Group\u2019s presence in permitting, engineering, O&M, energy security, remote monitoring, and solutions dedicated to the agricultural sector, while the development of BESS, electrical substations, power skids, and shelters contributes to increasing the industrial depth of the platform, even within a framework where the core photovoltaic business remains the predominant component of the Group\u2019s economic profile.

The new contract strengthens ESPE\u2019s industrial and commercial profile, increasing its order backlog and reinforcing the Group\u2019s position in the market for utility-scale and agrivoltaic systems of increasing size, as part of a development strategy that combines growth in the core photovoltaic business with the gradual strengthening of the industrial platform. Taking into account the information provided in the press release, we confirm our recommendation: target price \u20ac8.00, BUY rating, Medium risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

In a press release dated 5 June 2026, ESPE, a group active since 1974 in the renewable energy sector as an EPC contractor for the construction of photovoltaic plants and owner of the \u201cESPE\u201d<\/p>\n","protected":false},"author":5,"featured_media":22655,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[322],"class_list":["post-35400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-espe-2"],"acf":[],"yoast_head":"\nUPDATE - integrae.it \u2013 Financial Boutique<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/integrae.it\/en\/research\/update-101\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 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