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Ecotermica Servizi S.p.A. Partnership

Model Audit

24th December 2021

DWPF provided model audit advice to Whitehelm Capital on their partnership with Ecotermica Servizi S.p.A. (ETS), an Italian developer, owner, and operator of cogeneration and district heating networks.


ETS is a market-leader in Italy with over 15 years’ experience in the Piedmont and Val d’Aosta regions. Its operations include a portfolio of five cogeneration plants connected to district heating networks located in the Municipalities of Banchette, Biella, Costigliole di Saluzzo, Ivrea and Prè-Saint-Didier, a trigeneration plant located in Moncalieri connected to an industrial user, as well as a joint venture alongside Edison in a recently commissioned network in the Municiplaity of Cirié. The total yearly gross production of the portfolio is 80 GWh of thermal energy and 70 GWh of electrical energy.


Thanks to its diversified asset base, deep operational expertise, and comprehensive range of energy solutions, ETS is very well positioned to drive consolation and efficiencies in fragmented local markets. The transaction will also assist ETS to become a key player in the fight against climate change, by maximizing the positive impact for its customers while minimizing its own environmental footprint.


Details of the partnership are as follows:


  • ETS completes a capital increase subscribed by investors managed by Whitehelm who have
    taken a 45% stake in the company alongside the existing shareholder Gruppo Fratelli Visconti
  • The transaction provides ETS with a stable shareholding group and financial flexibility to
    continue developing long-term, environmentally friendly energy solutions in Italy and to take advantage of future business opportunities
  • The joint venture represents the fifth investment in the heating sector by Whitehelm on behalf
    of its investors and funds, continuing its long history of successfully partnering with regional
    infrastructure champions