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Italian private equity fund to finance project in Campania
1 September 2005
Italian private equity fund Interbanca Investimenti Sud has put EUR 7.5 million into Naples-based wind energy and biogas group E&S Energy SpA, securing 22% of the company. The funds will be used to finance a recently acquired wind farm operating in Casalbore in the south Italian region of Campania, where Naples is located. Interbanca Investimenti Sud's share of E&S may rise to 36%, should a five-year convertible bond be converted into equity. The company operates a EUR 50 million fund that invests in companies in southern Italy and says its interest in renewables is linked to the need to increase green power supplies if Italy is to meet its Kyoto commitments. It plans to maintain its investment in E&S for about five years before selling it to another energy group. Through its Finso Energy Unit, E&S Energy also owns another wind farm in Campania at Ginestra degli Schiavoni.
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