Terna and the photovoltaic energy

In order to use and safeguard as best possible its resources and maximise the profitability of its assets, in 2009 Terna embarked on the "Photovoltaic project". This entailed the construction and management of small photovoltaic generation plants in the areas of the owned power stations which are currently free from plants and not used. With this aim in mind, Terna has incorporated the company SunTergid. This corporate organisation both meets the needs of functional and accounting separation of the Parent and ensures compatibility with the bylaws and the concession of Terna S.p.A., as well as with the provisions of Legislative Decree no. 79/99 (i.e. the “Bersani Decree”).

On 23 December 2009, under the scope of an internal reorganisation process looking to optimise resources and potential for the new production from photovoltaic source, SunTergrid incorporated the new company Rete Rinnovabile S.r.l., also referred to as “RTR S.r.l.”, with share capital of e 50,000.00, which has been identified as a special purpose entity into which all projects that became operative in 2010 and the early months of 2011 have been transferred.

On 18 October 2010 Terna, SunTergrid and Terra Firma Investments (GP) 3 Limited (wholly-owned by Terra Firma Capital Partners III, L.P.) undersigned a preliminary agreement to transfer 100% of the share capital of Rete Rinnovabile S.r.l. The compensation for the operation was agreed in a modular fashion (in terms of enterprise value) on the basis of the plants which, on the closing date (31 March 2011), alternatively benefited from the incentives of the 2010 Energy Account or the Energy Account of the first quarter of 2011.

After the Rete Rinnovabile transaction, which saw the creation, development and sale of more than 140 MWp in such a short space of time, the photovoltaic project continues to be a priority for Terna, which is committed to developing a second tranche of projects in 2011, through the subsidiary Nuova Rete Solare.