Verbund’s Sorgenia Starts Eco-Subsidiary in Italy

Verbund’s Sorgenia Starts Eco-Subsidiary in Italy / Picture: © Vindobona.org

Verbund’s joint venture with the Italian industrial holding CIR is on growth course. The Milanese company Sorgenia, in which Verbund holds a 45% stake, has founded an eco-subsidiary with the name Sorgenia Green. Through this step the company wants to strengthen its position on the renewable energy market.

Sorgenia Green will take over the company’s wind farms in Italy, France, Romania and Greece. Sorgenia also announced that the new subsidiary will develop plans for investments in geothermal energy and hydro power projects. A total amount of € 500m will be invested in the next five years.

In the first half of 2011, Sorgenia achieved revenue of € 1.04bn, which is a 12% drop compared to the same period in 2010. EBITDA increased by 30% and amounted to € 77.7m. The company’s debt fell from € 1.88bn at the end of March 2011 to € 1.78bn.

Sorgenia was founded twelve years ago and has become Italy’s second largest electricity company with a market share of 13%. The joint venture is planning to invest € 1.2bn until 2016 in order to become one of Europe’s biggest players in renewable energies.