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A2A and Ardian sign a non-binding term sheet for a partnership to accelerate energy transition


Milan – 8 th  June 2021 – A2A and Ardian today announce that they have signed a non-binding term-sheet setting out the main terms of a partnership in energy generation and supply in Italy.  

Through the partnership, A2A and Ardian are aiming to establish the second largest Italian  platform  focused  on  the  energy  transition,  and  one  of  the  largest electricity producers and suppliers in Italy, with a clear decarbonisation strategy in line with the objectives set by the Italian PNIEC and the Paris Agreement. The partnership builds on the partnership signed by the two companies in November 2020, which would allow them to jointly explore opportunities in green hydrogen.

The  term  sheet  contemplates  the  incorporation  of  an  entity  controlled  by  A2A (“NewCo”), in which A2A will contribute full ownership or majority stakes in a portfolio of assets including energy generation assets (hydro, CCGTs, wind and solar plants), supply business, energy management storage assets as well as hydrogen projects. 
The preliminary indicative valuation of the perimeter of assets that will be contributed in Newco is approximately Euro 3.0 billion (enterprise value), generating a combined pro-forma EBITDA 2020 of Euro 360 million.  This valuation implies a valuation of the entire business units of A2A involved in the transaction (including minority stakes and portions  of  business  units  not  contributed  into  NewCo)  of  approximately  Euro  4.1 billion (enterprise value).

Ardian  Infrastructure,  will  invest  up  to  Euro  1.5  billion  in  equity  in  this  new  entity, accelerating  the  roll-out  and  financing  of  the  3GW+  plan  in  renewable generation outlined by A2A in January 2021. A2A and Ardian have already identified potential targets  and  plan  on  evaluating  further  opportunities  in  the  future.  The partnership would become the exclusive vehicle for each of A2A and Ardian’s future investments in the renewable energy generation sector in Italy, and their preferred vehicle for joint investments  in  the  energy  generation  business  in  Italy.  After  the  capital  increase Ardian  Infrastructure  will  held  up  to  45%  of  Newco.  The establishment  of  the partnership  is  subject  to  successful  due  diligence,  negotiation  of  certain  binding agreements  and  certain  other  conditions  being  satisfied (including  approval  and authorization by the relevant bodies). 

A2A and Ardian have agreed to grant each other binding exclusivity periods until the end of 2021. 

Renato Mazzoncini, CEO of A2A says: “With the new 2020-2030 Industrial Plan of last January, we have more than doubled the growth speed of our Group, in line with the extraordinary acceleration made possible by the redefinition of the PNRR launched by the Draghi Government. We are aware that, within this unique historical context, we are  called  upon  to  deliver  an  extraordinary  contribution for  the development  of  our country, pursuing a collective commitment to energy transition and sustainable growth. The agreement with Ardian would make it possible for A2A to accelerate by several years  reaching  the  growth  objectives  in  renewable  generation  foreseen by the Industrial Plan, combining financial resources with industrial assets. The trust shown by Ardian in the sound industrial leadership of A2A gives us reason to be satisfied with our  work  so  far  and  is  further  confirmation  of  the  validity  of  our  vision  and  of  our determination to become a major European player in renewable energy and energy transition.”  

Mathias  Burghardt,  Head  of  Ardian  Infrastructure  and  member  of  the  Executive Committee  of  Ardian,  says:  “Energy  transition  has  been  at  the  forefront  of  our investment  strategy  over  the  past  years.  A2A  is  a  leading  industrial  player  and  a frontrunner in the Italian market with regards to energy transition. We are delighted to partner with A2A and to bring our 15-year long renewable expertise in Italy, which will help  A2A  to  deliver  on  its  ambitions  and  together  develop  a leading renewables platform in Italy.”  

Ardian is advised by Nomura as sole financial advisor and Chiomenti as legal advisor. 
A2A is advised by Citigroup Global Markets Europe AG (“Citi”) as sole financial advisor and Cleary Gottlieb as legal advisor. 

 

Contatti: 

Giuseppe Mariano 
Media Relations, Social Networking and Web Responsabile 
Silvia Merlo – Silvia Onni 
Ufficio stampa 
ufficiostampa@a2a.eu
Tel. [+39] 02 7720.4583 

Investor Relations
Tel. +39-02 7720.3974
ir@a2a.eu

 

ARDIAN 
Image Building 
ardian@imagebuilding.it
Tel: +390289011300 

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