Less than a decade to complete the transition from oil company to leading international producer of energy from renewable and clean sources. This is how long ERG, the historic Genoese energy producer, has been working, radically changing its business model, anticipating long-term energy scenarios and achieving a leading position in the Italian and European renewable energy market.
ERG is an example of a transformation successfully completed: the company has changed its skin, abandoning since 2008 models of energy production no longer sustainable to follow the evolution of the times and new energy needs.
ERG is today the major wind energy producer in Italy and ranking among the top five for solar energy. It has a new industrial plan that foresees further, strong growth in installed capacity. And it has developed an integrated ESG strategy, adopting a business model oriented towards sustainable development and decarbonisation objectives, consistent with the transition process of the energy system underway worldwide. ERG has also evolved its financial strategy, moving from a structure based on bank credit and project financing to a capital structure centred on the issue of Green Bonds placed on the market.
UniCredit has accompanied ERG’s transition over the years, overseeing numerous capital market transactions aimed at optimizing the capital and ownership structure and providing advisory for the reorganization of the group through the sale of oil assets and several acquisitions of renewable portfolios in the various segments and geographies.
Michele Pedemonte, ERG’s Chief Financial Officer
In 2021, the bank oversaw the placement on the market for ERG of a ten-year green bond - the longest so far issued by the company - of €500 million, which was very successful and obtained a demand equal to 6.6 times the offer. And it assisted ERG in the acquisition from Omnes Capital of 100% of Omniwatt, a French company that owns a portfolio of wind and solar power generation plants, which has enabled it to reach 3.2 GWh of installed capacity.