Crédit Agricole Buys Into Italian Green Energy Producer

Crédit Agricole Private Equity has acquired an undisclosed stake in Elettrostudio Energia, an Italian green energy producer. The deal was valued at €5 million.


Crédit Agricole Private Equity has acquired a stake in Italian green energy producer Elettrostudio
Energia. The raising of the new equity financing has been structured by Crédit Agricole Private Equity
via its FCPR Capenergie fund, providing €4.5 million, and by FriulAdria, Crédit Agricole’s Italian
banking subsidiary, which has provided €500,000.

Founded in 1985 by the Ceroni family, the Elettrostudio group, based in Mestre, offers a range of
services relating to energy production, transportation and distribution.

In 2005, Elettrostudio created Elettrostudio Energia, a subsidiary specialising in green energy
production using wind, solar, biomass and hydroelectric power. The company aims to have 250 MW in
operation by 2013.

Green energy sources are a major issue for Italy, which is highly dependent on fossil fuels and
therefore needs to diversify its energy mix. This explains the very robust growth of renewable energy
in the country, with installed capacity of 3,736 MW in wind energy and 120 MWp in solar energy at the
end of 2008 at growth rates of 15% and 140% a year respectively.

Marco Ceroni, Chairman of Elettrostudio Energia, comments: “We have chosen Crédit Agricole Private
Equity for its expertise in renewable energy and its ability to work with companies in the sector in both
France and Italy. With this partner, we will be able to step up our rate of project development and
achieve our target installed capacity.”

Serge Savasta, Head of Renewable Energy at Crédit Agricole Private Equity, adds: “We are delighted
to be investing in an Italian company for the first time. Italy is a buoyant market for renewable energy
and we firmly believe that Elettrostudio Energia will play a major role in this market in the medium

This marks Capenergie’s fifteenth investment in just three years and its first investment outside
France. Serge Savasta states “This attests to our aim of working with the fastest-growing companies
in the green energy sector and on a pan-European basis.”