Italian mid market private equity operator Synergo sgr invested 8.5 million euros for a new 7.2pct stake in Building Energy spa‘s shareholders capital, MF-Milano Finanza wrote few days ago. This way the fund controls now a 32.2 pct stake in the company specialized in building and managing plants for green energy production around the world.
Founded and led by ceo Fabrizio Zago in 2010, Building Energy reached 53 million euros in revenues in 2013 (from 32 millions in 2012) of which 85 pct outside Italy and had 6.5 million euros of ebitda and 5.1 millions of net financial debt. The group today manages plants for 100 MW capacity and thinks to double its production capacity in two years. Moreover Building Energy has projects pipeline for 1000 MW.
Building Energy is also preparing a 50 million euros green minibond issue which is going to be listed on the Borsa Italiana’s ExtraMot Pro market by July 15th. Advisor to Building Energy for the deal is Equita sim. The bond will be unrated, will mature in 6 years’ time and will pay a 4% cash coupon plus a 3% PIK coupon (Payment-In-Kind, that is to say that interests will be capitalized and paid at maturity). Moreover the bond will entitle bondholders to subscribe Building Energy’s shares with a discount whenever the group will be listed on a Stock Exchange which should happen by the end of 2015 and the beginning of 2016.
«The bond is classified as a greenbond as PwC will certify every six months that cash coming from the issues will be used for the unique purpose of building plants producing green energy”, Zago told MF-Milano Finanza.
