italeaf corporate
TRANSCRIPT
THE FIRST ITALIAN COMPANY BUILDER
ACTING FOR ECONOMIC AND ENVIRONMENTAL CHANGE
3 SPV FOR WHOLLY
OWNERSHIP PV PLANTS
10 JV FOR PV PLANTS WITH
INTERNATIONAL PARTNERS
100% 100% 100% 100% 100% 50%
TERNIENERGIA POLSKA
TERNIENERGIA ROMANIA
TERNIENERGIA HELLAS
TERNIENERGIA PROJECT
TEVASA TERNIENERGIA SOLAR
SOUTH AFRICA
TerniEnergiaGas & Power
80% 80%
100%100% 50%100%
TERNIERGIA MIDDLE EAST
POWER
49%
45,06%
9,10%TREASURY
SHARES45,84%OTHER
SHAREHOLDERS< 2%
100%
TERNIENERGIA MOÇAMBIQUE
LIMITADA
100% 100% 100% 51%85% 66%
RE
50%
OPERAPOWER
JV FOR PVPLANT
A COMPANY PORTFOLIO WITH THE FOUNDATION ON A LISTED SUBSIDIARY
ITALEAF CHART – GROUP STRUCTURE
2
WE TURN TECHNOLOGICAL STARTUPS INTO SUCCESSFUL GLOBAL COMPANIES
ITALEAF IS THE FACTORY OF FACTORIES
USING OUR FACILITIES, SKILLS
AND FINANCE ON SCALABLE
CLEANTECH COMPANIES
WITH GROWTH
PERSPECTIVES
USING OUR STRATEGIC
INFRASTRUCTURE, LOGISTICS
AND BUSINESS ECOSYSTEM
TO SUPPORT COMPANIES’
INDUSTRIAL NEEDS
INDUSTRIAL
ESTATE
COMPANY
BUILDERUSING OUR TEAM’S
EXPERIENCE AND NETWORK
TO SCALE OUR COMPANIES
EFFICIENTLY AND QUICKLY
RECURRENT DIVIDENDS
FROM TERNIENERGIA
HOLDING
MONICA FEDERICI
CEO
WE TRANSFORM INTENTION INTO REALITY BETTER AND FASTER
A FULLY ENGAGED AND EXPERIENCED TEAM
STEFANO NERI
CHAIRMANMARCO DIAMANTI
EXECUTIVE DIRECTOR
FILIPPO CALISTI
CFO
FEDERICO ZACAGLIONI
DEVELOPMENT & PR
CORRADO GIANCASPRO
CTO
CRISTIANO MANZONI
CIO
ITALEAF HAS A DIVERSE AND TECHNICALLY SKILLED TEAM IN CLEANTECH AND SMART INNOVATION. TOGETHER WE
HAVE MORE THAN 50 YEARS OF EXPERIENCE IN THE GREEN INDUSTRY AND IN THE FINANCIAL SECTOR. DURING
OUR CAREERS WE HAVE BEEN INVOLVED IN 3 IPOS AND MORE THAN 4 M&A OPERATIONS. WE OPERATE HANDS-ON
SUPPORTING FOUNDERS, MANAGERS AND INNOVATORS INVOLVED IN NEW VENTURES.
A SOLID TRACK-RECORD IN DEVELOPING BUSINESS AND FINANCING GROWTH
ITALEAF’S PATH OF DEVELOPMENT IN FIGURES
3 IPOTerniEnergia
TerniGreen
Italeaf
300+start-ups
analyzed
500+jobs
created
€ 22Mfund raised
through capital
increase
7 M&Aproven skills
and experience
for way-out
ITALEAF IS LISTED ON NASDAQ FIRST NORTH AT STOCKHOLM STOCK EXCHANGE
Startuppers
• Prototype
• Team consolidation
• Business model
• Incubation
• Hands-on services
START UP
BREEDING
GROUND
IMP
AC
T
TIME
YEAR 1
Incubation
Idea
validation
YEAR 2
• Share capital increase
• Industrial facilities
• Support to fund raising
• Support to exit
• Portfolio management
VALUE
MANAGEMENT
YEAR 3-4
• Due diligence
• Deal & Seed capital
• Co-management
• High skilled services
• Starting production
• Marketing
• Facilities
COMPANY
BUILDING
Tech spinoff
and co-founding
Acceleration
Production
Market launch
Way out
3/4 YEARS FROM THE START-UP BREEDING GROUND TO THE CAPITAL MARKETS
FROM IDEA TO EXIT THROUGH CO-FOUNDING
GRANTS
GOVERNMENT
€25K-250K
ANGELS
COMPANY BUILDERS
€250K-500K
VC AND ANGELS
COMPANY BUILDERS
€500K-3M
NEW STARTUPS
WE’LL GROW REDUCING NFP THROUGH AN OPPORTUNE STARTUPS TURNOVER
EVOLUTION OF THE STRATEGIC BUSINESS VISION
18,200
16,40014,600
1,0301,850 2,300
2015 2016 2017
INVESTMENTS/NFP [€/000]
NFP INVESTMENTS
2
2
2
3
2
1
3
1
STARTUP PORTFOLIO EVOLUTION
2015 2016 2017
COMPANIES BUILDED EXITS
BUILDING ITALEAF'S ABILITY TO ACHIEVE SUSTAINABILITY AND PROFITABILITY
FOCUSING CAPITAL AND TALENT ON GROWTH
ORDINARY INCOME
FROM:
• SERVICES
• GUARANTEES
• DIVIDENDS
5,700
(3,500)
(690)
(1,000)
2,4002,900
Ordinary income Costs Amortizations Interests charge Capital gain EBT
20
152
016
20
17
5,900
(4,000)
(680)
(850)
4,200 4,500
Ordinary income Costs Amortizations Interests charge Capital gain EBT
5,800
(3,700)
(680)
(900)
3,100 3,600
Ordinary income Costs Amortizations Interests charge Capital gain EBT
COSTS FROM:
• PERSONNEL
• EXTERNAL SERVICES
[€/000]
CREATING VALUE FOR SHAREHOLDERS, WE ENHANCE OUR COMPETITIVENESS
SUCCESS KEY FACTOR FOR INVESTORS
1
EXPECTED IRR
FROM EXITS
3
2
DIVIDEND
POLICYINCREASING
+10% PER YEAR
≥ 30%
TARGET
NFP/EQUITY
≤ 0.8x
2014 DIVIDEND € 0.08
PER SHARE IN PAYMENT
JUNE 30, 2015
FROM BROWNFIELD TO ECOINDUSTRIAL-PARK
AT NERA MONTORO (TR)
ACTING FOR ECONOMIC AND ENVIRONMENTAL CHANGE
PROCESS TIMELINE FLOW
OF NERA MONTORO PARK
JUNE 2010
WORK IN
PROGRESS
JUNE 2016
At the time of acquisition of the
industrial area, the Group has
safeguarded employment levels,
absorbing around 20 employees of
Terni Industrie Chimiche
Around 200 employees:
• Administrative and financial
• Engineering and operational
• Procurement and warehouse
• Production and EPC
• R&D
INDUSTRIAL ESTATE
OF NERA MONTORO PARK
Facilities
• Total surface: 24 Ha
• Total covered surface: 2.3 Ha
• Storage volume : 7,000 m3 (expandable to 20,000 m3)
Infrastructure / logistics
• Distance from A1 Highway (Orte): 5 Km
• Presence of railway station of Nera Montoro
• Internal railway
The Nera Montoro park is the headquarters of the Company and its subsidiaries. It is located in a
strategic position, approximately 85 km outside Rome near the highway. It also has the presence
of a railway station and an internal proprietary railway connected to the national railway
infrastructure.
HEADQUARTER AND SERVICES
PV AND ENERGY SAVING INTERVENTIONSPost Office, Canteen
and first aid medical
center manteined
Train station
And internal railway
junction
Engineering and
procurement centralized
Offices for PV EPC
and environmental
business
Lighting energy saving intervention: 401
lighting points for a reduction of annual
consumption from 385,005 to about
142,619 kWh (63%)
Rooftop PV plants for 1MWp installed on
Directional building, Central Warehouse,
Mechanical facilities and biodigester
GreenAsm for a total area of 12,500 m2.
1,15 GWh/y of power generation
Headquarter and
financial
centralized offices
Inter-company
Kindergarten for
employees families
1
• Resources recovery, pollution prevention, developing cleantech production
• Technological innovation and continuous environmental improvement
2
• Encourage grouping of industries to close the cycle of the materials
• Managing the life cycle of products
3
• Integration in natural ecosystems
• Design and implementation of green/sustainable infrastructure and buildings
4
• Adoption of environmental management systems
• Continuous training of technicians and dematerialization of production
5• Participation of local communities
STRATEGIC APPROACH
OF THE ECO-INDUSTRIAL REGENERATION
INDUSTRIAL REGENERATION
OF NERA MONTORO PARK
SECURITY
VIRTUAL CENTER
METAL POWDER
FOR ADDITIVE MANUFATURING
PRODUCTION
INDUSTRIAL LED LAMPS
PRODUCTION
IOT SMART THERMOSTAT
PRODUCTION
WATER REMEDIATION
TREATMENT PLANT
PROFESSIONAL DRONES
PRODUCTION
TYRES RECYCLE
PLANT
BIODIGESTER
AND COMPOSTING PLANT
TerniEnergia operates the business unit concerning the management of the plant for the biological remediation of the
Nera Montoro area site groundwater on behalf of Syndial Attività Diversificate S.p.A. a part of ENI Group
• Capacity: 438,000 cubic meters/year (50 m³/h)
• Position: Nera Montoro (TR)
• Management contract: several years (10 years)
• Technology: nitrification and de-nitrification processes for removing contaminants
• Owner: TerniEnergia S.p.A.
GROUNDWATER BIOLOGICAL TREATMENT PLANT
REMEDIATION ACTIVITIES OF THE INDUSTRIAL AREA SOILS OF NERA MONTORO (TR)
Operating intervention of soil remediation of the industrial site of Nera Montoro (TR) designed by Syndial Attività
Diversificate S.p.A. a part of ENI Group, approved by the Region of Umbria and acquired by TerniEnergia
• State: works started in October 2011 and completed in in the 1H2012.
• Activities: Intervention divided into a total of 5 lots and refer to the works of pre-characterization of the soils to be
removed, removal of contaminated portions, disposal and recycling, covering areas with suitable and certified topsoil,
restoration of asphalt and / or concrete’ covering, construction of new asphalt flooring.
GROUNDWATER REMEDIATION BUSINESS AND EXPANSION
Management by TerniEnergia of the river Nera wells barrage of groundwater along the industrial park of Nera Montoro
(TR) which provides for the completion of sewage treatment through:
• Biological treatment plant operations (438,000 cubic meters/year; 50 mc/h)
• Management of the physicochemical treatment plant (131,400 cubic meters/year; 15 mc/h)
• Implementation of a new associated physicochemical and biological treatment plant (324,120 cubic meters/year; 37
mc/h). Worksite started 1H2016 – End of works: 3Q2017
INDUSTRIAL ESTATE
REMEDIATION ACTIVITIES
INDUSTRIAL ESTATE
SOIL REMEDIATION
Thiessen
Polygons
Total area reclaimed: 27,153 m2
Green areas, roads, plants and rack
Removed Grounds: 7,500 m3
Restored asphalt: 3,000 m2
Completion of works: 1H2012
The project included the removal of contaminated soil parties
until the digging of a meter deep.
1) asphalt restoration
2) cement parts restoration
3) replacement land compromises with topsoil
Project approved by Umbria Region in April 2011
GROUNDWATER AND LIQUID WASTE
REMEDIATIONGroundwater treatment plant
upgrade (authorized, start of works
June 2016) and Biological plant (in
operation): metals remediation,
arsenic
New treatment plant of liquid waste
(authorized, start of works June
2016) and part of the
physicalchemical stripping (in
operation)
Physicochemical
treatment plant
(in operation):
removal of nitrites
and nitrates,
ammonia nitrogen
Tank farm
(to be renewed)
48 barrier wells
(in operation):
Treatment capacity
65 m3/h to 100
TERNIENERGIA OWNS AND MANAGES AN INTEGRATED BIOLOGICAL AND CHIMICAL-PHYSICAL ACQUIFER
GROUNDWATER REMEDIATION PLANT IN NERA MONTORO (TR) INDUSTRIAL AREA ON BEHALF OF SYNDIAL
ATTIVITÀ DIVERSIFICATE SPA BELONGING TO ENI GROUP.
• CAPACITY: 438.000 MC/YEAR (50 MC/H)
• MANAGEMENT AGREEMENT: SEVERAL YEARS (10 YEARS)
• TECHNOLOGY: NITRIFICATION AND DE-NITRIFICATION PROCESS TO REMOVE POLLUTION.
TERNIENERGIA HAS OBTAINED THE AUTHORIZATION FOR THE EXPANSION OF THE PROCESSING CAPACITY OF
THE EXISTING PLANTS, THROUGH THE CONSTRUCTION OF A NEW TREATMENT PLANT WITH THE AIM TO START
THE BUSINESS OF PROCESSING OF SPECIAL LIQUID WASTE (EG. AGRICULTURAL, INDUSTRIAL, ORGANIC
CHEMICALS AND INORGANIC, ETC.). THE AUTHORIZATION ALLOWS THE TREATMENT OF 58,000 CUBIC
METERS/YEAR OF WASTE INPUT, REPRESENTED BY LIQUID WASTE AND PUMPABLE SLUDGES.
THE PLANT CONSTRUCTION IS AUTHORIZED BY PROVINCIA DI TERNI THAT HAS BEEN GRANTED THE
“INTEGRATED ENVIRONMENTAL AUTHORISATION (AIA) N. 11458/2015” RELATED TO THE “OPERATIONAL PLAN
FOR GROUNDWATER REMEDIATION OF THE INDUSTRIAL SITE OF NERA MONTORO (TR) – ADJUSTMENTS TO THE
REQUIREMENTS AND IMPLEMENTATION OF THE PLANTS WITH THE INTRODUCTION OF NEW SECTIONS OF
TREATMENT OF THE LIQUID WASTE WITH THIRD PARTIES”.
BIOLOGIC
AND CHIMICAL-
PHYSICAL
REMEDIATION
PLANT FOR
GROUNDWATER
AUTHORIZED
EXPANSION
TO TREAT
LIQUID WASTE
AND PUMPABLE
SLUDGES
GROUNDWATER AND LIQUID WASTE
REMEDIATION
BIODIGESTION AND COMPOSTING
PLANT - GREENASMThe biodigester based in Nera Montoro, reduces the amount of
waste sent to landfill, recovers energy through the process of
anaerobic biodigestion for the production of biogas and recycles
material through the aerobic treatment process for the production
of compost. The plant is located on a total area of about 10,000
square meters, 7,000 square meters of which are roofed.
The GreenAsm (JV between TerniEnergia and ASM Terni) plant based in Nera
Montoro has been authorized by the Integrated Environmental Authorisation
(AIA) and can handle up to 43,500 tons/year of organic fraction of municipal
solid waste and / or other organic matrices. The expected energy recovery from
biogas production is equal to around 5 GWh/year, while from the aerobic
treatment will result quality compost to be used in agriculture and gray compost.
BIODIGESTION AND COMPOSTING
PLANT - GREENASM
GATE-FEE NO OUTGOING COSTSCOMPOSTING PLANT/DAWASTE
SUPPLIER
COMPOST
(NO LONGER WASTE)
23.500 TONNES/YEAR
15.000 TONNES/YEAR
BIOGAS / POWER
GENERATION20.000 TONNES/YEAR 4,8 GWH/YEAR
SOLD AT ALL-INCLUSIVE TARIFF OF
280 €/MWH FOR 15 YEARS
ASM TERNI SPA
NEIGHBOURING
MUNICIPALITIES
• INTEGRATED ENVIRONMENTAL AUTHORIZATION BY REGIONE UMBRIA: PLANT OPERATING SINCE
DECEMBER, 2012 (NERA MONTORO)
• CAPACITY: TREATMENT OF 43.500 TONNES/YEAR OF ORGANIC WASTE (NERA MONTORO)
• MANAGED BY: JV 50:50 BETWEEN TERNIENERGIA AND ASM TERNI SPA (NERA MONTORO)
• HIGH MARGIN BUSINESS (REVENUES FROM INCOMING WASTE, REVENUES FROM SALE OF
RENEWABLE ENERGY)
ANAEROBIC
DIGESTION /
COMPOSTING
PLANT IN NERA
MONTORO
END OF LIFE TYRES
RECOVERY PLANT
The end of life tyre recycling plant of TerniEnergia, implements a
process of crushing tires and represents a technological
alternative to the traditional mechanical crushing process.
From the processing stage of the tires, the following result of
separation is obtained:
Steel: 15-20%
Rubber granulate: 0-2 mm 30% 4.2 mm 15% 4.6 mm 15%
Textile rubber mixture 15-20%
The system acquired by TerniEnergia, equipped with innovative
technologies, is the first installed in Italy of this type and has a
capacity of 4 tons/hour and 22,500 tons/year. The plant operates
on 2 or 3 rounds. Installed inside an adapted industrial warehouse
the plant covers an area of about 4,000 square meters, 900 square
meters of which are roofed.
GATE-FEE SALE
• SINGLE AUTHORIZATION: PLANT OPERATING SINCE OCTOBER, 2011 (NERA MONTORO)
• MAX CAPACITY: 18,000 TONS/YEAR (NERA MONTORO) TECHNOLOGY: END OF LIFE TYRES POWDER
REDUCTION AND/OR GRANULAR FORM SEPARATING RUBBER FROM STEEL AND POLYESTER FIBER
CONTAINED IN TYRES.
• HIGH MARGIN BUSINESS (REVENUES FROM INCOMING WASTE, REVENUES FROM SALE OF RAW
SECONDARY MATERIALS AT LOW DISPOSAL COSTS)
END OF LIFE
TYRES
RECOVERY
PLANT
END OF LIFE
TYRES
SUPPLIER
RAW SECONDARY
MATERIAL (RUBBER
POWDER AND
GRANULES, STEEL)
CONFERRED
TONNES/YEAR
END OF LIFE
TYRES
RECOVERY
PLANT
IN NERA
MONTORO
END OF LIFE TYRES
RECOVERY PLANT
LED LIGHTINING PRODUCTION
GREENLED INDUSTRY
Greenled Industry, a part of TerniEnergia Group, strives to
become the first partner for the implementation of the most
advanced LED lighting systems characterized by long life
and the highest energy and lighting performances.
Through continuos innovation, professionalism and the highest quality offered,
Greenled Industry develops and provides complete LED lighting solutions, including
technical and commercial support, which help the Client to simplify the transition to
the ultra-efficiency and sustainable lighting.
Greenled Industry translates its advanced LED technology into value for Clients by
improving their business through costs saving while increasing energy efficiency,
safety, productivity and visual comfort in high energy intensive environments.
SPARTA
BUILDING BLOCK
Most important installations:
Ferrovie dello Stato – Stazione di Bologna,
Milano, Zurich Airport, Gatwich Airport, Helsinki,
Ukraine, Milano-Linate, Trieste, Cagliari; Port of
Felixtone (UK); Liverpool Parking.
Product developed for public administrations,
municipality or public utilities
STREET LAMPS FOR URBAN INSTALLATION
LED LIGHTINING PRODUCTION
GREENLED INDUSTRY
INDUSTRIAL LAMP
Luminous fluxes proposed for the industrial sector and the great
amount of possible settings provide the necessary flexibility to
fulfill all the lighting needs in the industrial sector.
In addition, the wide range of operating temperatures (-30°C /
+65°C, and -40°C / +75°C on demand) enables their use even in
extreme conditions. The electronic components and the variety
of LEDs has been optimized to lower the maintenance costs.
PROFESSIONAL DRONES PRODUCTION
SKYROBOTIC
With constant focus on innovation, Skyrobotic produces and sales
a series of Unmanned Aircraft Systems (UAS). The company
aims to achieve a leadership in the field of civil drones for
commercial use.
The company takes care of the whole industrial chain, from
design to system integration, right through to production of
turnkey platforms for remote sensing of proximity which are
robust, practical and effective.
Skyrobotic operates into industrial facilities with a total area of
around 1,200 square meters, wich represents the largest Italian
center for the development and industrial production of drones
Decennial experience:
A decennial path of research and
development in the military and civil
sectors. Intellectual capital as a success
factor in the innovation process.
Industrial structure:
SkyRobotic, part of the group Italeaf, is
structured for the industrial production. The
protection of the value over time.
ASSETS
• Solutions and proprietary technologies
• UNI EN 9100 certification production and
processes for the Nera Montoro Facilities
• First European multicopter with RTK technology
integrated
• ENAC certification for many SR-SF6 operators
• ENAC certification as operator for critical (with
risk mitigation) and non critical areas areas
PROFESSIONAL DRONES PRODUCTION
SKYROBOTIC
Design Control
Specialized applications require tailor-
made technology development and
technological knowledge.
METAL POWDER PRODUCTION FOR AM
NUMANOVANumanova will be equipped with the most advanced production technology of metal powders based on the
principle of vacuum induction furnaces and atomizers inert gas ceramic-free. It will also be introduced
technologies of plasma atomization. The stages of development of the company, whose production unit
will be located in the Italeaf's industrial of Nera Montoro (TR), will expect: within
a very short time the start of the authorization from the competent
authorities; the acquisition of production assets and facilities;
their upgrading and the development of the certification and
qualification; the ramp up of the production for the marketing
of products.
Numanova states it will be active in the production of high-quality
metal powders for Additive Manufacturing (3D printing), Metal
Injection Moulding (MIM) and Hot Isostatic Pressing (HIP). The
metal powders will be suited to advanced uses in areas such as
aerospace, energy, mechanical and biomedical.
RISK REDUCTION STRATEGY
• Already operational infrastructure: industrial and office building, energy, water, technical gases, logistics,
warehouse.
• Management with high experience in the industrial segment and operating team.
• Partnerships and relationships already existing with international leading player in the fields of application
of the products and in the research and development of metallurgical industry.
• Reference markets is constantly growing;
significant prospects for ROI
METAL POWDER PRODUCTION FOR AM
NUMANOVANumanova is an Italian company active in the production of metal powders with high quality obtained from ferrous
metal and non ferrous alloys to be used in Additive Manufacturing (3D printing), Metal Injection Molding (MIM), Hot
Isostatic Pressing (HIP), PTA, laser cladding for the most advanced industrial sectors such as aerospace, energy,
automotive, mechanical, biomedical, luxury industry. The company will be equipped with the most advanced
production technology of metal powders by atomization gas, vacuum induction casting ceramic-free. Plasma
technologies and Electron Beam Melting processes will be also introduced.
IOT SMART THERMOSTAT PRODUCTION
WISAVEWisave operates in the promising market of the Internet of
Things, the sector that is generating the greatest growth in the
world and that is the ideal convergence between the web and the
opportunities of the digital and the manufacture of equipment in
the fields of smart energy and efficiency.
The company produces systems for remote control of cloud infrastructure which
is intended for remote monitoring of buildings fora business that can be highly
scalable and can be implemented in other sectors.
WiSave, through its Algo device, is the ideal convergence between the web and
the opportunities of the digital and the manufacture of equipment in the fields of
smart energy and efficiency.
IOT SMART THERMOSTAT PRODUCTION
WISAVECore System
Database
Web Server
application
Web interface
Mobile app
Smart device
• Introducing a new smart control system and device in the Internet of Things
category
• >20% thermal energy saving
• Easy expandability for building and cluster of buildings
• Low installation and O&M costs
• Compatibility with all the thermal systems
• Totally wireless
VIRTUAL SECURITY CENTER
IGREEN PATROL
iGreen Patrol Srl is the operational virtual center and tele-tech
monitoring of remote sites, part of TerniEnergia Group.
The high number of systems to be monitored and the pressing needs
of theft and damage prevention, gave birth to the industry need to
monitor and manage all the plant technological equipment, the central
stations and the installed video surveillance.
The company manages the virtual systems 24 hours by 24 with security guards.
The virtual center is capable of recording in security, interprets and manages
automatically and/or by an operator, all signals coming from the remote sites.
VIRTUAL SECURITY CENTER
IGREEN PATROL
iGreenPatrol is a Virtual control and security center which is proposed as operation leader for the
technological monitoring of remote sites.
100% owned by TerniEnergia, iGreenPatrol stems was established to monitor the large number of
photovoltaic systems owned by the Group and by third parties and prevent theft and damage.
Currently iGreenPatrol manages the security of 80 photovoltaic systems with a total output of around
80 MWp, 2 industrial sites and civilian homes.
The Institute is in possession of a valid license issued by the Prefecture of Terni, to conduct of
"reception and management of signals from telemonitoring and remote surveillance systems.
managing assistance of alarm "as required by art. 2, paragraph 2, letter "a" class "b" and in
compliance with regulations issued by D.M. No. 269 of December 1, 2010.
iGreenPatrol is entitled to perform its services to the broad national territory
ANNEXES – TERNIENERGIA PV ACTIVITY
A LEADING ITALIAN FULLY INTEGRATED PV ENERGY COMPANY