Tuesday, January 19, 2021

Cassa Depositi News

Saipem, CDP Sign Energy Transition Agreement

A Saipem Drillship / Credit: Saipem

Italian energy contractor Saipem has agreed with state lender Cassa Depositi e Prestiti (CDP) to study the development of energy transition projects in Italy and abroad.In a joint statement on Wednesday, the two groups said the agreement was focused on carbon-cutting initiatives, the circular economy and energy efficiency.The protocol is aimed at helping Italy achieve the targets in its National Energy and Climate Plan which, among other things, require the installation of new capacity from renewable energy sources up to about 42 gigawatts.Saipem is jointly controlled by CDP and Italian energy group Eni.(Reporting by Stephen Jewkes, editing by Giulia Segreti)

Eni-led Group to Build Wave Power Stations

Italian oil group Eni is joining forces with shipbuilder Fincantieri, power grid group Terna and state lender Cassa Depositi e Prestiti (CDP) to develop wave power stations.The agreement, which follows the understanding signed last 19 April, will launch the first phase of a joint project to convert the Inertial Sea Wave Energy Converter (ISWEC) pilot project, an innovative system that transforms energy generated by waves into electricity, into an industrial scale power station, making its application and use immediately available.The partnership agreement will focus on two phases: during the first phase, the companies will develop a business model and define a deployment plan for Italy.

Europe Invests in African Renewable Energy

The provider of testing and advisory services to the energy value chain including renewables and energy management, DNV GL has joined European signatories including ABB, EDP Renewables, Enel Green Power, Ge Renewable Energy, Pöyry, Prysmian, PwC, Siemens Gamesa and Vestas."DNV GL has signed a ‘declaration of intent’ to commit its interest and participation to the initiative renewAfrica, aimed at boosting renewable energy investments in Africa, alongside leading players in the African and European renewable energy market," said a statement.The renewAfrica…

Eni, CDP, Fincantieri, Terna in Wave Power Pact

Italian oil group Eni is joining forces with compatriot shipbuilder Fincantieri, power grid group Terna and state lender Cassa Depositi e Prestiti (CDP) to develop wave power stations.The Chief Executive Officers of the companies have signed a non-binding agreement today at the Eni headquarters in the EUR district of Rome to develop and build wave power stations on an industrial scale.The agreement seeks to combine the knowledge of the collective companies to transform the Inertial Sea Wave Energy Converter (ISWEC) pilot project into a project on an industrial scale for immediate application and use.

Saipem CEO Could Be Reappointed in May

The main shareholders of Italy's Saipem indicated on Thursday they would support the reappointment of Stefano Cao as chief executive of the oil service company. State lender Cassa Depositi e Prestiti (CDP) and oil major Eni, who jointly control Saipem, included Cao's name in the slate of directors they will propose at a shareholder meeting in May. Cao's name was second in the list, a position which traditionally indicates the name of the potential CEO. Saipem shares have fallen more than 80 percent in the last three years as the sector continues to suffer from lower spending from oil majors. There had been speculation Cao might not have been confirmed.

Snam in Talks to Buy LNG Terminal Stake from Edison

Photo: Adriatic LNG

Italian gas group Snam is in exclusive talks with EDF's Italian unit Edison to buy a stake in a liquefied natural gas terminal in northern Italy as part of plans to develop its LNG business, two sources said. Snam, controlled by state lender Cassa Depositi e Prestiti, is looking to buy Edison's 7.3 percent stake in Terminale LNG Adriatico and the gas pipeline that connects it to Italy's gas transmission backbone, the sources said. Adriatic LNG, which has a capacity of 8 billion cubic metres per year, is 70.7 percent owned by ExxonMobil and 22 percent by Qatar Petroleum. Exxon and Qatar have a pre-emption right on Edison's stake. Snam said it did not comment on market speculation.

F2i buys Seven Wind Farms in Green Drive

F2i, the largest infrastructure fund operating in Italy, said on Tuesday it will strengthen its position in green energy by buying seven wind farms in the south of the country. The fund, which is around 14 percent owned by state lender Cassa Depositi e Prestiti, said it had bought the wind plants on the island of Sicily and in Calabria from Italy's Veronagest. It did not disclose the price for the 282 megawatt wind power portfolio, but in a joint statement with Veronagest it said the deal is expected to be wrapped up by the end of June. F2i, which owns 70 percent of green energy company e2i alongside France's EDF, has an overall wind power capacity of more than 1,000 MW.

Italy Watchdog Auditing Saipem for Impairment Charges

Italy's market regulator started an audit of Saipem in November to gather information on write downs the oil service company booked last year, Saipem said in its annual report. The Italian oil contractor announced impairments on a string of assets of around 2.1 billion euros ($2.2 billion) last October. In its yearly report Saipem also said South Stream Transport BV (SSTBV), owned by Russia's Gazprom, had filed damages against it for around 541 million euros for alleged misrepresentation in an arbitration case revolving around a defunct pipeline project.

Italy Has No Intention of Selling Stake in ENI

Photo: Eni

The Italian government has no plans to sell a stake in oil and gas group Eni, an Italian Treasury source said on Monday, denying a report in Italian media.   Rome daily Il Messaggero wrote that the Treasury was considering selling the 4.3 percent stake that it holds directly. State lender Cassa Depositi e Prestiti (CDP) holds nearly 26 percent. (Reporting by Giuseppe Fonte, writing by Gavin Jones)

Snam Lifts Spending to Boost Profit

Italian gas company Snam expects to grow net profit by 4 percent each year over the next five years, boosted by cost savings and increased investment in its latest plan. Europe's biggest gas pipeline operator said it would spend five billion euros ($5.30 billion) in the period to 2021, nearly all to upgrade its domestic grid and improve connections with Europe, including the Trans Adriatic Pipeline bringing Azeri gas to Italy in 2020. Snam, which makes most of its revenue from gas transport, is looking to play a leading role in integrating Europe's grids and making Italy a European gas hub.

Snam Working on Refinancing as Part of Italgas Spinoff

Italy's Snam, one of Europe's biggest gas pipeline operators, is looking to lift about 4 billion euros ($4.5 billion) off its balance sheet as part of plans to spin off its domestic gas business, sources familiar with the matter said. In a refinancing to be carried out by a dozen or so banks, the debt would end up with Snam's Italgas unit, which will be spun off by distributing Italgas shares to Snam investors and listing them, six sources familiar with the refinancing said. That would leave Snam more focused on its goal of becoming a prime mover in integrating Europe's patchwork of grids and making Italy a European gas hub…

Enel Bid Values Metroweb at 806 Mln Euros

Italy's biggest utility Enel made a formal offer on Thursday to buy fibre-optic company Metroweb, valuing it at 806 million euros ($903 million), three sources close to the matter said. A high-speed Internet network is central to Prime Minister Matteo Renzi's reformist agenda. State-controlled Enel wants to run fibre optic cables along its power network and having a foothold in Metroweb would help its cause because of the broadband firm's know-how. Enel's plan could thwart a rival bid from Italian phone incumbent Telecom Italia which last week offered 820 million euros for Metroweb.

Eni in touch with Italy State Holding Over Saipem

Italian oil and gas group Eni is in touch with cash-rich state holding Cassa Depositi e Prestiti (CDP) as it looks for ways to take the debt of its Saipem unit off its balance sheet, Eni's chairwoman said on Friday. "Our aim is to de-consolidate Saipem's debt, we're studying several options," Emma Marcegaglia told reporters on the sidelines of the Ambrosetti business forum. One of the solutions reported to be under consideration was that CDP, already the key shareholder in Eni, could take a direct stake in Saipem. "Let's see. We're just at the beginning…

Snam Sets Terms of Reserved Cash Call to Buy TAG Gas Pipeline

Italian gas grid operator Snam said its board had approved the conditions of a reserved capital increase of 502 million euros to buy the Trans Austria Gasleitung GmbH (TAG) pipeline carrying Russian gas into Italy. Earlier in December Snam shareholders approved a cash call of up to 505 million euros to fund the acquisition of TAG from state-lender Cassa Depositi e Prestiti (CDP) with the proviso that should the final amount, after pricing, fall short, Snam would pay the difference in cash. In its statement on Wednesday, Snam said it would pay CDP 3.058 million euros in cash.

CDP Transfers Terna Stake to Energy Grid Unit

Italian state lender Cassa Depositi e Prestiti said on Monday it had transferred its 29.851 percent stake in power grid operator Terna to its CDP Reti unit. CDP Reti, which is fully owned by CDP, also owns 30 percent of gas grid operator Snam. Earlier this year CDP approved the sale of a 35 percent stake in its energy grid unit to China's State Grid Corp for no less than 2.1 billion euros. (Reporting by Stephen Jewkes; editing by Oleg Vukmanovic)

Italy's Local Utility Shake Up Seen Tempting China

Italy's plan to reduce energy prices by pushing local government out of utilities and promoting mergers is likely to create larger, more efficient companies that could also appeal to foreign buyers, such as the Chinese. Last week, the government of Matteo Renzi introduced a 2015 budget to stimulate the economy which contained proposals to offer incentives to public owners to sell their stakes in local service companies. The law still needs parliamentary approval but already the market is warming to moves designed to slash the number of local utilities and make it easier for bigger players to gain critical mass and compete at home and abroad.

Snam to Buy Stake in TAG Pipeline

Italian gas grid operator Snam has approved the purchase for 505 million euros ($654 million) of an 89.2 percent stake in the TAG pipeline carrying Russian gas into Italy, the company said on Friday. The acquisition of the stake from Italian state lender Cassa Depositi e Prestiti (CDP) is part of Snam's four-year business plan to 2017, which was unveiled in March. Snam will raise the money to pay for the stake through a capital increase reserved to CDP GAS, an investment vehicle owned by CDP, it added in a statement. The closing of the deal is expected by the end of March 2015. (1 US dollar = 0.7718 euro) (Reporting by Danilo Masoni; editing by Agnieszka Flak)

Italy Approves Sale of Energy Grid Stake

Italy's state holding company Cassa Depositi e Prestiti (CDP) said on Wednesday its board had approved the sale of a 35 percent stake in its energy grid holding unit to China's State Grid Corp for no less than 2.1 billion euros ($2.81 billion). CDP owns all of grid unit CDP Reti, which has a 30 percent stake in gas transport group Snam and will soon receive a similar stake in power grid Terna. CDP and China's State Grid International Development Ltd (SGID), a wholly owned subsidiary of China's state grid, are scheduled to sign an agreement for the sale on Thursday, according to a statement. ($1 = 0.7477 Euros) (Reporting by Steve Scherer)

CDP Reti to Take on Debt Ahead of Stake Sale to China Grid

Italian energy grid holding company CDP Reti will take on around 1.5 billion euros ($2 billion) in new debt ahead of an expected sale of a minority stake to China's State Grid Corp, two sources said, in a move that will lower the price tag for the deal. State lender Cassa Depositi e Prestiti (CDP) is close to agreeing the sale of a 35 percent stake in CDP Reti to the State Grid Corporation of China, sources close to the matter said on Monday. CDP Reti, wholly owned by CDP, controls gas grid Snam and will soon receive a controlling stake in power grid Terna currently owned by CDP.

Chinese Bid for Italy Grids Raises Eyebrows

China's state power grid is one of two bidders for a large stake in Italy's energy grids, but such a link could create problems because the Chinese and Italians both aim to buy assets around Europe, sources with knowledge of the matter said. As part of a privatisation drive to cut public debt, Italian state lender Cassa Depositi e Prestiti (CDP) is trying to sell up to 49 percent of CDP Reti - the vehicle that controls gas grid Snam and soon power grid Terna. Sources told Reuters that State Grid Corporation of China (SGCC) and Australia's Industry Funds Management (IFM) were the only suitors interested in buying a significant stake…