Crédit Agricole Private Equity and Elettrostudio Energia Consolidate Partnership in Italian Green Energy
Crédit Agricole Private Equity and Italian green energy producer Elettrostudio Energia have established a joint investment vehicle, Elettrostudio Energia Infrastructure, with a €10 million equity capacity.
Paris, March 17, 2010 – Crédit Agricole Private Equity, through its Capenergie FCPR fund, and Elettrostudio Energia, an Italian green energy producer based in Venice-Mestre, have formed a joint investment vehicle named Elettrostudio Energia Infrastructure. Each partner is contributing €5 million.
This move reinforces Capenergie's initial investment in Italy made six months prior, which involved acquiring an interest in Elettrostudio Energia. The partnership aims to bolster the development of renewable energy projects within Italy.
The new vehicle boasts an equity investment capacity of €10 million and will be dedicated to the construction and operation of green energy power plants developed by Elettrostudio Energia. This initiative is designed to accelerate Elettrostudio Energia's strategy for building new generation facilities.
Elettrostudio Energia aims to have 250 MW of green power generation projects operational by 2013, utilizing wind, solar, biomass, and hydro energy sources. This expansion is critical for Italy, a nation heavily reliant on fossil fuels, as it seeks to diversify its energy mix through renewable sources.