Investor Presentaiton
FRI-ELGREENPOWER
THE CLEAN ENERGY COMPANY
ALERIONCLEANPOWER
THE WIND ENERGY
ANVdWO
01. Executive summary
Alerion at a glance
leveraging a significant track-record of growth since Fri-El's acquisition in 2017, with current
management transforming Alerion into a leading Italian IPP and development renewable platform...
1994
2002-2008
+9999)
2010-2011
+99999
Gostner family
founded Ener.CO
S.r.l., specializing
in production,
purchase and
distribution of
electricity
Fri-El Green Power
signs a joint venture
partnership with
EDF Énergies
Nouvelles (2002)
Fri-El Green Power
signs a joint venture
partnership with
RWE Innogy Italia
(2008)
Construction of
the first solid bio-
mass site in Sicily,
in collaboration
with RWE (2010)
GAR Group
acquires a 50%
stake of the liquid
biomass plant in
Acerra, granting
1992
2003
2004
2006-2008
Price (€)
40
35
30
25
20
15
5
Alerion' share price evolution
when
I
2018
2019
2020
2021
2022
€42m
€45m
€54m
2016
Fri-El acquires
2017
2018
2019
2020
2021
2022
raw material
supply (2011)
a 29% stake in
Alerion
€81m
€132m
€233m
EBITDA
Fincasa 44 S.p.A.
shares listed
on the Italian
Stock exchange
(financial, tax
and commercial
consultancy
firm)
Alerion was
established by
means of the
contribution of
IBI International
Business
Advisors
Investment NV
into Fincasa 44
S.p.A.
Alerion began
investing in
the renewable
energy sector
The Group
disposed
all its
interests in
businesses
other than the
ones
operating in
the renewable
energy sector
Fri-El acquires
control of
Alerion
through a
tender offer,
reaching an
84% stake
Contribution of 3
project companies
(102 MW) by Fri-El,
then developed by
the Group in the
following years,
allowing Fri-El to
reach 86% stake
in Alerion
Repayment of
the existing bond
and issuance of a
€150m retail bond
Acquisition of 36MW
Spanish wind farm
Comiolica (June 2019)
Development & con-
struction of 142MW
Italian wind farms'
Acquisition of 50MW
Italian wind farm Regal-
buto (November 2019)
Issuance of a €200m
green bond (December
2019)
Development & con-
struction of 120MW
Italian wind farms
in Italy in Ricigliano,
Grottole and Nul-
vi-Tergu²
Acquisition of 49%
of 67MW Italian wind
farms Ururi, Anzi and
San Basilio from Fri-El,
that reached a stake
of 88% in Alerion
(December 2020)
Agreement for the
development of wind
and PV plants in
Romania
62MW wind farms
awarded incentive
tariff of 68.5 €/MWh
for 20 years in GSE
auction and now under
construction
Issuance of a second
€200m green bond
(October 2021)
Commissioning
of 62MW Italian
wind farms
New installed
capacity of 80MW
Romanian photo-
voltaics
Issuance of a
€100m green
bond (May 2022)
ALERIONCLEANPOWER
Notes
Main acquisitions refer to wind farms developed by Fri-El business development team. The
development team will be transferred to Alerion in the context of the Potential Transaction
1 Of which 70MW plant developed and constructed at Fri-El level (i.e. Campidano)
2 Plants developed and constructed at Fri-El level
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