First published in Quoted Cleantech October 2010

Italian renewable energy company Actelios is on the verge of completing a restructuring that will see it merge with London-based Falck Renewables.

The plan to merge the businesses, which was set in motion in the spring of this year, was designed to create the first listed group in Italy entirely focused on renewable energy. However, Italian utility Enel’s decision to float its Enel Green Power spinout means it is likely to beat Actelios to that distinction by a few weeks.

Milan-listed Actelios currently operates a handful of waste-to-energy, biomass and photovoltaic plants, but the addition of Falck Renewables will see it become a player in the wind energy industry as well. Falck Renewables is one of the largest European operators in the production of wind energy, mainly operating in the UK, Italy, Spain and France.

Falck Renewables has an installed wind power capacity of more than 400MW and has a significant pipeline of further projects. Falck’s first-half revenues for this year amounted to €37.3 million with its profit coming in at €2.4 million. By contrast, Actelios’s generated H1 2010 revenues of €43.3 million with a net profit of €6.8 million.

Both firms are already subsidiaries of Italian energy and financial services company Falck Group, which owns a 69% stake in Actelios and an 81% stake in Falck Renewables. After the restructuring Falck Group will own 60% of Actelios, which in turn will own up to 100% of Falck Renewables. This month Actelios began its scheme to buy out minority shareholders in Falck Renewables, the completion of which should see the restructuring finished by the end of November.

Market: Milan
Symbol: ACT
Price: €2.25
12 month high/low: €3.89/€2.18
Market cap: €153m

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