GreenGo Bags New Investment by Eiffel Essentiel with a €15M Equity Bridge

Source: 7/31/2023, Location: Europe

GreenGo Srl, the Italian company specialising in renewable energy development, has successfully concluded a convertible shareholder financing operation (equity bridge) to implement its new strategy as Light IPP Independent Power Producer. This important agreement will allow GreenGo to expand its business further and cement its evolution from developer to power producer, with the in-house realisation of a significant part of its development assets and pursuing strategic partnerships to manage the EPC (Engineering Procurement Construction) phase.

The financing operation will amount to up to EUR 15 million and will also support GreenGo’s development activities, enabling the expansion of its pipeline of renewable projects in new target regions in Northern Italy: GreenGo aims to increase its current pipeline capacity of 1.7 GW to over 2.3 GW by the end of 2024, through both organic and inorganic growth.

The most significant part of the investment will be allocated to equity for the construction of an initial batch of 40 MW ready-to-build projects in 2023, with a total capacity reaching 110 MW, which will be launched for construction in 2024.

This initiative will allow GreenGo to become a new player in producing renewable electricity following a “Light IPP” strategy with strong outsourcing of the construction and O&M phases and a highly scalable model with a capital-intensive funding process.

GreenGo will continue to develop green power generation plants leading to an additional 400 MW of solar and wind ready-to-build assets by 2024, committing to contribute to the transition to a sustainable energy system and promote the use of renewable energy in Italy and beyond.

The convertible shareholder financing will also open opportunities for M&A deals, allowing the GreenGo platform to explore synergies and growth through possible acquisitions of other companies active in the renewables sector.

The deal underlines the confidence of Eiffel Investment Group, an asset manager of funds specialised in energy transition in Europe, in GreenGo and its vision of growth in the renewable energy sector. The partnership has been reinvigorating GreenGo’s journey since 2022, when Eiffel Essentiel, the private equity fund of Eiffel Investment, invested EUR 7 million to fund its development activities. Eiffel Essentiel is a French specialised professional fund (Fonds professionnel spécialisé) reserved for professional investors.

“This transaction represents an important step forward for GreenGo and will allow us to implement our new growth strategy. We are thrilled to be embarking on a path of transformation from best-in-class developers to energy producers and being able to collaborate with important partners in the industry and the Italian and European financial system. We are grateful to Eiffel Essentiel for the renewed trust and the many synergies put in place to support the acceleration of GreenGo’s growth.”

Giuseppe Mastropieri, CEO of GreenGo

“This initiative represents a significant financial boost for GreenGo and makes us very proud. We share the conviction that GreenGo has significant growth potential in the renewable energy sector to become a market leader not only as a developer but also as an IPP thanks to its powerful professional network, increasingly senior management team, strong market appeal and extensive management capabilities across the entire renewables value chain. GreenGo is ready for a second significant phase of financial growth as a Light IPP.”

Thibault Vanpeene, Investment Director at Eiffel Essentiel

GreenGo was assisted by the international law firm Watson Farley & Williams, with a team coordinated by Managing Partner Eugenio Tranchino.

Eiffel was assisted by Squire Patton Bogs, with a team coordinated by partner lawyer Daniela Sabelli.

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