Bologna, Italy, March 2022 – GreenGo Srl, an Italian professional renewable energy developer, closed an investment and shareholder agreement with Eiffel Essentiel, the private equity fund, specialized in energy transition across Europe, managed by the French asset manager Eiffel Investment Group, for a 7 million euros capital raising deal to fund GreenGo’s development activity.
The closing, that took place in Bologna, represents the first private equity growth capital operation in the renewable development space in Italy as well as the first transaction closed by Eiffel Essentiel outside France. The proceeds will be invested by GreenGo’s management toward the consolidation, acceleration and further growth of the existing 1.3 GW multi-tech greenfield pipeline, targeting to exceed 1.5 GW by Q3-2022.
As a result of the closing, GreenGo will be managed by a new board of directors (Giuseppe Mastropieri, Fabio Amico and Thibault Vanpeene) which appointed Giuseppe Mastropieri as CEO.
“This transaction places GreenGo in a unique position within the Italian renewable market, thanks to the strong engineering expertise and a vertically integrated development team that will be enhanced by the financial capabilities brought by a top-tier investor such as Eiffel” states Giuseppe Mastropieri, GreenGo’s CEO “the new GreenGo’s governance will ensure stability and an agile decision-making process, being able to grasp market opportunities of the upcoming years, offering bankable and fast-track solutions for the Italian green energy transition” continues Lorenzo Nardon, GreenGo’s Head of M&A.
Thibault Vanpeene, Director for Eiffel Essentiel, declares: “We are truly happy to reach that remarkable milestone! GreenGo is the 5th investment of our private equity fund Eiffel Essentiel, launched in January 2021. We have been targeting Italy to invest and we are delighted to have reached an agreement with the management team and shareholders of GreenGo. We believe Italy has a very strong potential in renewable energy and thanks to its unique assets and capabilities, GreenGo is very well-placed to accelerate its development and reach new dimensions to become a renewable energy leading company”.
GreenGo was advised for the structuring and negotiation of the transaction by Orrick, Herrington & Sutcliffe with a team led by partner Andrea Gentili and special counsel Francesco Seassaro and for the tax and accounting aspects by Studio Trotter with partner Marco Franchi and senior associate Leonardo Ciola. Eiffel Essentiel was advised by Squire Patton Boggs with a team led by partners Daniela Sabelli and Ian Tully and with the associates Leonardo Giroletti and Matteo Bertocchi for the legal due diligence and the transaction documentation negotiation and by RSM with a team composed by Luca D’Ambrosio and Massimo Patrucco for the financial due diligence and Kristian Bresciani and Silvia Cirillo for the tax due diligence.
GreenGo is a utility-scale renewable energy professional developer aiming to become a leading player within the Italian green economy. Launched in 2018 by a group of recognized professionals, GreenGo is now composed by a multidisciplinary growing team of more than 15 highly skilled employees.
GreenGo is the latest company of FIMM group (together with REA Srl – https://readvisor.eu and REM Srl – https://reliablenergy.it) which intent to create a professional hub throughout the Italian and Southern European renewable energy value chain.
About Eiffel Investment Group
Eiffel Investment Group (https://www.eiffel-ig.com) is an asset manager with €4 billion under management (early 2022). Eiffel Investment Group’s clients are large institutional investors (insurers, mutual funds, pension funds, banks, large family offices, public investors, etc) as well as individuals, through intermediary distribution.
Eiffel Investment Group cultivates a strong industrial expertise, particularly in the field of energy transition, but also in health, agri-food, digital, etc. It finances companies and their assets through four main strategies: private debt, energy transition infrastructure, private equity, and listed equities and credit.
Eiffel Investment Group’s mission is to invest for a sustainable world. Its investment strategies aim to generate not only a strong financial performance but also positive impacts on the environment and society.
The Eiffel Investment Group team has approximately 75 talented employees, mainly in Paris, and also in Amsterdam and New York (opening early 2022).
Contact press GreenGo Srl
Sara Zatta – firstname.lastname@example.org – +39 338 5740032
Contact press Eiffel Investment Group
Samuel Beaupain – email@example.com – + 33 6 88 48 48 02