Green Network Energy UK is to acquire the energy branch of Burgo Energia with effect from 28 June 2018.
The energy branch of Burgo Energia is an electricity and gas supplier with turnover and EBITDA both expected at EUR2 billion in 2018, before the agreement with Green Network Energy UK.
Burgo Energia handles a business clients’ portfolio of approximately 8,000 SME and each year sells a volume of approximately 1 TWh of electricity and 50 million cubic meters of gas, with a presence focused in particular in the Italian regions of Emilia Romagna, Piedmont and Veneto.
Following the transaction, Burgo Energia will be focusing on the energy management and will be handling the cogeneration plants of the Burgo Group.
Green Network Energy UK’s goal is to acquire a significant player in the sector, which has developed its activity in the context of the historic Italian paper group Burgo, so as to achieve synergies and economies of scale in view of the forthcoming liberalisation of the market and to confirm the role of aggregation pole within the consolidation process underway in the energy sector.
In November 2017 Green Network Energy UK also acquired the energy branches of Tradeinv Gas & Energy and Energrid, both with a 2017 turnover of EUR500 million.
Sabrina Corbo, Vice President of Green Network Energy UK, says: “Thanks to this significant acquisition, Green Network Energy UK continues its development path – as part of a growth project that is taking place both from internal and external lines. In 2018 we will be handling a total volume of 11TWh sold energy which makes us a top player in the field.”
