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Month: September 2022

Italgas: Moody’s Investors Service (Moody’s) affirms Rating and Outlook

Posted on by adigiuseppe

Milan, 23 September 2022 – Moody’s Investors Service (Moody’s) has affirmed today Italgas S.p.A Long-Term Issuer Rating at ‘Baa2’, Negative Outlook. The rating affirmation is based on Italgas’ positioning in a sector characterized by a well-established regulatory framework, as well as on the ability to achieve operational efficiencies and respect the investment targets set out in the Strategic Plan; the Outlook reflects Italgas’ exposure to pressures linked to Italian sovereign credit quality worsening.

The rating agency highlights the Company’s strong track record on costs optimization, achieved through technological innovation and digitization activities, in addition to the ability to execute planned investments while maintaining an extremely low cost of debt, thanks to which the Company will be able to sustain its profitability and a robust cash flow generation.

Finally, Moody’s underlines the key relevance of DEPA Infrastructure acquisition, finalized last September 1st, 2022 through which Italgas will diversify its geographical footprint beyond Italy and will be able to carry out its know-how, particularly in terms of operating efficiency and cost optimization.

Italy: 150 million euros from the EIB to Italgas to promote energy efficiency

Posted on by adigiuseppe
  • The EIB and Italgas will support energy efficiency projects in residential buildings throughout Italy.
  • It is estimated that the interventions will help to improve the energy efficiency of around 4,500 homes and that more than 1,500 jobs will be created during the project implementation phase.
  • The operation supports the directives of the Renovation Wave and the European Green Deal, as well as the Integrated National Energy and Climate Plan.

Milan, 20 September 2022 – Reducing environmental pollution through investments to improve the energy efficiency of residential buildings throughout Italy over the next three years. This is the main objective of the framework loan of 150 million euros granted by the European Investment Bank (EIB) to Italgas for interventions to be carried out in Italy through Seaside, the Group’s Energy Service Company.

The loan, called Climate Action Framework Loan, marks the EIB’s return to cooperation with the Italgas Group by activating the Bank’s investments in energy companies capable of contributing to the ecological transition path towards net zero.

The loan is intended to support the implementation of energy efficiency investments in Italy, mainly focused on the renovation of residential buildings, with the aim of reducing air pollution and producing health benefits, in line with the directives of the European Green Deal and the Renovation Wave, which aims to double the energy renovation rate of European buildings by 2030. It is estimated that the interventions financed by the EIB will help to improve the energy efficiency of around 4,500 homes and that the implementation phase of the project will create more than 1,500 new jobs.

The funding has a “Framework Loan” structure and envisages mechanisms for capital allocation and disbursement specifically conceived to support the implementation of a wide range of both small and medium-sized projects, offering particularly competitive terms and conditions.

“More than 85 per cent of Italian residential buildings are in energy class D or lower and require heavy investment. Projects such as the one signed today with Italgas are essential not only to reduce dependence on energy imports from third countries but also to lower energy consumption, hence the cost of Italian citizens’ bills”, said Gelsomina Vigliotti, EIB Vice-President.

Paolo Gallo, CEO of Italgas, commented: “The best energy is that is not wasted, and the EIB loan will enable us to further strengthen our commitment to energy efficiency and ecological transition, in line with the objectives of Italgas’ 2022-2028 Strategic Plan.  Through our ESCo Seaside and our in-house developed technologies we will offer the market and communities cutting-edge solutions, actively contributing to the achievement of Italy’s and the European Union’s climate targets”.

Seaside is the Italgas Group company active in the energy efficiency sector for condominiums, companies and public administration. With its proprietary technologies, it contributes to the achievement of national energy efficiency objectives and to the decarbonisation of consumption.

In addition to consolidating the excellent partnership between the EIB and Italgas, the transaction will further optimise the Italgas Group’s financial structure, both in terms of reducing the cost of funding and extending the average duration of debt, in support of the significant investment plan envisaged in the Company’s 2022-2028 Strategic Plan.

General Information

The European Investment Bank (EIB) is the long-term financial institution of the European Union and is owned by its Member States. It provides long-term funding for sound investments to contribute to the EU’s strategic objectives. The Bank finances projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). Between 2019 and 2021, the EIB Group lent more than EUR 36bn for projects in Italy.  

Italgas is Italy’s leading operator in gas distribution and the third in Europe. It operates a distribution network that extends for a total of about 75,000 kilometres through which, in the last year, it distributed approximately 9 billion cubic metres of gas to 7.8 million customers. The Group holds 1,899 concessions, with a historical presence in the country’s major cities including Turin, Venice, Florence and Rome. It is also present in Greece through its subsidiary Depa Infrastructure. In recent years Italgas has given a strong boost to its presence in the energy efficiency and innovation technology sectors.

Italgas’ Board of Directors approves the renewal of the EMTN programme

Posted on by adigiuseppe

Milan, 15 September 2021 – Italgas’ Board of Directors, chaired by Benedetta Navarra, met today and approved the renewal of the EMTN Programme (Euro Medium Term Notes) with a maximum nominal amount of 6.5 billion euro.

As of today, under the current EMTN Programme the notes outstanding are in nominal amount equal to 4.48 billion euro.

The Board of Directors has also approved the issue of one or more bonds to be placed only with institutional investors within one year by the signing date of the Programme. The total amount of the bonds issued may not in any case exceed the abovementioned maximum amount. The newly bonds issued may be listed on the regulated markets.

Through the EMTN Programme the Company will still be enabled to issue also Sustainability-Linked Notes, in line with Italgas’ strategy of achieving the sustainability targets disclosed to the market during the Strategic Plan 2022-2028 presentation.

Italgas opens a brand-new Innovation Antenna in Silicon Valley

Posted on by adigiuseppe
  • The main distributor of natural gas in Italy and the third in Europe, inaugurates a privileged access point to the world of innovation in the United States within the “Mind the Bridge Innovation Center” in San Francisco.
  • This strategic move of collaboration with Mind the Bridge aims at getting in touch with the most interesting US startups, intercepting emerging technological trends in specific areas of interest, and strengthening positioning and scouting skills at an international level.
  • Italgas will be officially debuting at the “Scaleup Summit” in San Francisco, scheduled from 17th to 21st October, with a Bootcamp dedicated to meeting the most interesting startups.

Milan, San Francisco, 13 September 2022 – Italgas, the first distributor of natural gas in Italy and third in Europe, opens an Innovation Antenna in Silicon Valley, as part of the “Mind the Bridge Innovation Center” in San Francisco.

The initiative is part of the “Ideas 4 Italgas” program launched in 2020, which aims to find the best US startups. The ultimate goal is enhancing research activities and strengthening the innovation efforts to contribute towards continuous improvement of the Group’s performance.

The goal of this collaboration with Mind the Bridge, an international platform that advises and supports companies and government organizations in the field of open innovation, is to create the ideal conditions for Italgas to get in touch with the most interesting startups and scaleups in the United States. Furthermore, to spot and intercept upcoming technological trends and finally strengthen the scouting capabilities both in Silicon Valley and internationally.

Initially, the focus will be on identifying conditions and projects that are able to strengthen the digital transformation of Italgas. The Italgas Innovation Antenna will officially debut at the Mind the Bridge Scaleup Summit in San Francisco, 17-21 October. A Bootcamp will be organized to meet the startups that can work with Italgas to contribute to its digitization plans, operational efficiency, and sustainability goals, according to the company’s 2022-2028 Strategic Plan.

“Gas distribution sector is historically very traditional – commented the CEO of Italgas Paolo Gallo – we acted as pioneers in terms of technological innovation by leveraging our digital factory, open innovation, and venture capital. Through continuous scouting, we encountered important trends that allowed us to grow, innovate and enhance our contribution to the ecological transition. Therefore, we are happy to strengthen our presence in the world’s largest innovation cluster. This will give new impetus to our journey of transformation.” 

“Over the past few years Italgas has been investing in shaping a new digital mindset by capillary mapping the digital skills within the company and involving its team in new innovation processes – commented Alberto Onetti, Chairman of Mind the Bridge – The next challenge is to scale up the collaboration with startups in quality and quantity. Opening an Innovation Antenna in San Francisco is a decisive step in this direction. This will give Italgas direct access to the world’s largest source of innovation: Silicon Valley.”

Italgas

Italgas is the first operator in Italy in the distribution of gas and the third in Europe: it manages a distribution network that extends for a total of over 75,000 kilometers through which, over the last year, it has distributed approximately 9 billion cubic meters of gas to 7.8 million users.

The Group holds 1,899 concessions, with a historical presence in the country’s major cities including Turin, Venice, Florence, and Rome.

For more info: www.italgas.it

Mind the Bridge

Mind the Bridge is a global organization that provides innovation advisory services for corporate and government organizations. With HQs in San Francisco (CA) and offices in Barcelona, London, Milan, Los Angeles and Seoul, Mind the Bridge has been working as an international bridge at the intersection between Startups and Corporates since 2007. It scouts, filters, and works with 10,000+ startups a year supporting global corporations in their innovation quest with open innovation initiatives that translate into curated deals with startups (licensing, investments, and/or acquisitions). It also provides advisory services and benchmarking on innovation strategy and structure. In collaboration with the International Chamber of Commerce (ICC), the 100 y.o. Institution representing more than 45M businesses worldwide, it annually elaborates the “Corporate Startup Stars” Awards – the ranking of the most ‘startup-friendly’ global corporates.

Finally, Mind the Bridge developed an AI-powered platform that enables business matching for startups and corporations, and portfolio promotion for Innovation Agencies and Investors (MTB Ecosystem).

For more info: http://mindthebridge.com  | @mindthebridge

Depa Infrastructure: Shareholders’ Meeting appoints Chairman and new Board of Directors

Posted on by adigiuseppe

Barbara Morgante appointed as CEO of the Company 

Athens, 1 settembre 2022 – The Shareholders’ Meeting of Depa Infrastructure, which met today following the completion of the acquisition by Italgas, approved the Company’s new Bylaws and appointed Nunzio Ferrulli as Chairman.

The Shareholders’ Meeting also appointed the Board of Directors, consisting of 5 members, in the persons of Nunzio Ferrulli, Barbara Morgante, Peter Durante, Theodoros Panagos e Spyridon Flogaitis.

The Board of Directors, during its first meeting held today, appointed Barbara Morgante as Chief Executive Officer of the Company.

Italgas: completed the acquisition of 100% of Depa Infrastructure S.A.

Posted on by adigiuseppe

Athens, 1 September 2022 – The sale of Depa Infrastructure S.A., Greece’s leading gas distribution operator, was completed today in Athens. Depa Infrastructure S.A. was the subject of an international tender aimed at enhancing state assets and creating added value through their development.

With the completion of the transaction, Italgas acquires 100% of the Company from Hellenic Republic Asset Development Fund S.A. (HRADF) and Hellenic Petroleum S.A. (HELPE).

Italgas CEO, Paolo Gallo, commented: “Today we start writing an important page in the history of Italgas, which after nearly twenty years is returning to cross national borders and is enriched with new colleagues, a new language and new communities to serve. It has been a long journey that has brought us this far, but now begins a new phase of intense work and development, which we will tackle with our usual enthusiasm: we will put our experience and our technological know-how at the disposal of the country to build an infrastructure of excellence and with it contribute to achieving the coal and lignite phase-out targets set by the government, in line with those of the EU. In the European scenario, Italy and Greece can aim to become the benchmark for the strategic role of smart, digital and flexible gas networks fostering the energy transition. We are here to make this happen”. 

Dimitris Politis, CEO of HRADF commented: “The completion of the sale of DEPA Infrastructure to Italgas Group is one of the most important asset development projects carried out by HRADF, with significant benefits for the Greek economy and the Greek citizens. It represents a clear vote of confidence in Greece’s growth prospects, as it marks the return of Italgas to the international markets after almost two decades. DEPA Infrastructure is owned by a powerful shareholder, one of the leading energy groups in Europe. It is also an important step towards realizing the ambitious goals of our country’s energy transition by reducing greenhouse gas emissions and ensuring that the company will have plentiful access to financing for the expansion of the natural gas distribution networks”.

The transaction closing took place at the presence of the Greek Minister of Environment and Energy, Kostas Skrekas, the Italian Ambassador to Greece, Patrizia Falcinelli, and it was signed by Italgas CEO, Paolo Gallo, the Sole Director of the vehicle company Italgas Newco, Pier Lorenzo Dell’Orco, HRADF CEO, Dimitris Politis, HELPE General Manager of Strategic Planning and Group Development, George

Alexopoulos, and HELPE Group General Counsel, John Apsouris.

The transaction was finalized following the fulfilment of the conditions precedent set forth in the Sales and Purchase Agreement and was financed by Italgas through committed lines of credit.

DEPA Infrastructure currently holds 51% of Thessaloniki – Thessalia Gas Distribution S.A. (EDA Thess), 100% of Attiki Natural Gas Distribution Single Member Company S.A. (EDA Attikis) and 100% of Public Gas Distribution Networks S.A. (DEDA), the three main gas distribution operators in Greece, which together manage approximately 7,500 kilometers of network and about 600,000 redelivery points.

Italgas is the leading operator in Italy in the distribution of natural gas and the third in Europe. It manages a distribution network that extends a total of approximately 75,000 kilometers through which, during the last year, it distributed approximately 9 billion cubic meters of natural gas to 7.8 million customers. The Group holds 1,899 concessions, with a historical presence in major Italian cities including Turin, Venice, Florence, and Rome.

The Italgas Strategic Plan 2022-2028, presented to the market on 15 June, envisages a total of 1.8 billion euros in investments allocated to the acquisition of Depa Infrastructure, its consolidation, and the execution of development programs with particular attention to the digitalization of networks, renewable gases such as biomethane and hydrogen and, more generally, the consistency with the decarbonization objectives set by the Greek government and EU targets.