Enel - camfin inglese.pdf
ENEL-CAMFIN: STRATEGIC ALLIANCE IN
o Enel, through its Corporate Venture Capital structure,will take a 10% stake
o Enel GreenPower and Cam Tecnologie will form a 50/50 joint venture in the
wind and photovoltaic energy areas
o Pirelli Labs will partner Cam Tecnologie in advanced research for new
Rome, February 28, 2002 – Marco Tronchetti Provera, chairman of the CamfinGroup, and Franco Tatò, chief executive of the Enel Group and chairman of EnelCapital, today sealed a strategic alliance for the joint development of intiatives in theenvironmental technologies and renewable energy sectors.
On the basis of this accord, Enel, through its Corporate Venture Capital structure,will take a stake in Cam Tecnologie SpA, a unit of Camfin SpA. The acquisition willbe through subscription to a reserved capital increase, for a total value of Euro 6.015million, as a result of which Enel Capital will hold 10% of Cam Tecnologie SpA'scapital. The remaining 90% remains in the hands of Camfin S.p.A.
The aim of the operation is to sustain Cam Tecnologie's international growth and itsparticipation in related renewable energy sector projects, also in collaboration withthe Enel Group. Cam Tecnologie was chosen by Enel for its proven capacity tocreate significant technological innovations in the environmental sector and for itsinternational potential. The company is, in fact, already the world leader in thedevelopment and marketing of emulsified fuels, with a turnover of Euro 40 million.
Gecam – the white gasoil™ , patented by Cam Tecnologie, constitutes the fastest andmost effective answer to pollution from diesel engines and civil thermal energypower plants, allowing a significant reduction in fine dust and nitrogen oxideemissions, without the need for modifications to engines or power plant burners.
Further, the two groups will create a 50/50 joint venture between Enel GreenPowerand Cam Tecnologie, which will receive investments of Euro 50 million. The jointventure's aim is to develop electricity production from renewable sources and relatedtechnology.
Franco Tatò, the Chief Executive Officer of Enel Spa and Chairman of Enel CapitalSpa said: “The agreement with Cam Tecnologie confirms our will to invest ininnovative technologies for both energy and the environment”.
“Through this strategic alliance we are aiming to develop new technologies forsustainable, future energy systems and to assert Italian research at a global level.
Gecam demonstrated that it is possible to create economic value throughtechnologies and products that deliver concrete solutions in the areas of theenvironment and energy," noted Marco Tronchetti Provera.
In wind driven energy, the joint venture will develop and launch, between 2003 and2004, two wind farms of over 42 MegaWatts in Molise and Basilicata. These willthen be conferred to the joint venture by Enel GreenPower. This initiative has aspecial importance because it will raise Italy's production of eolic energy which,acording the the Enea White Book, is expected to double from 700 MegaWatt in2002 to 1,400 MegaWatt in 2006.
In photovoltaics, the joint venture will start up a photovoltaic module factory withtwo production lines and with an annual capacity of five MegaWatts. The newfactory will be situated in the technology park of Catania, where Enel GreenPower isalready present via Conphoebus, a company dedicated to the supply of specializedservices and renewable energy plant, particularly in the wind and photovoltaic sector.
The new modules will be based on amorphous silicone technology, which couldpotentially halve the cost of energy per KiloWatt/hour compared with traditionalcrystalline silicone. Industrial production will be launched at the conclusion of afeasibility study, now under way, and will be accompanied by the development ofnew, advanced devices for the integration of photovoltaics in construction.
Wind energy and photovoltaics are the technologies which have attained the highestlevel of technical and application development, as proven by annual growth rates ofover 30%. They are also among the technologies with the greatest promise for theproduction of large scale, "clean" energy. To make renewable energy, and inparticular photovoltaics, more competitive, the pursuit of innovation in productionprocesses, greater investment in research and development, and the identification ofnew materials are fundamental.
In this area, Pirelli Labs, the Pirelli Group's center for advanced research, willguarantee Cam Tecnologie, above all, the continual development of the process ofamorphous silicone production. Further, in the last year, the Labs have begunresearch into the creation of solar cells based on innovative materials which, infuture, will constitute an alternative to conventional technologies. Enel GreenPower,for its part, will contribute its experience as the world leader in renewable energy andthe synergies stemming from its presence across the national territory, as well as theprofessionalism of Conphoebus. Thanks to the contribution of complementary skills,the new alliance will become a point of excellence in the field of environmentaltechnology.
Finally, the joint venture will be active in the mini-wind sector, with the installationof small plants at those points where network interconnection isn't feasible, with afocus on small scale plants.
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