What will be in the new industrial plan of Ansaldo Energia (Cdp)
Cassa Depositi e Prestiti is preparing for the new Ansaldo Energia capital increase, however subordinated to the industrial plan of 10 November: the focus will be on gas turbines and nuclear plants. Here's what we know about Enel orders and the role of banks
In recent days, Cassa Depositi e Prestiti paid 50 million euros as the last part of the plan (dating back to 2020) to increase the capital of Ansaldo Energia from 300 million, the energy plant company it controls with 88 percent of the shares.
In all, CDP has allocated 800 million euro for Ansaldo Energia, but the new financial commitment – in fact, we are talking about another capital increase of 250-300 million euro – is subject to two conditions. The first concerns the new industrial plan of the company, which seems to be published on 10 November. The second condition, on the other hand, relates to the agreement with banks (Intesa Sanpaolo, UniCredit, Carige, BPM and some foreign banks) for debt restructuring.
THE NEGATIVE RESULTS
In August, Ansaldo Energia communicated negative data for the first half of 2022, with a loss of € 442 million and net debt to third parties of € 787 million. The company explained that it would not be able to achieve the economic objectives set in the 2022 budget and implement its business plan due to the "situation of financial tension".
THE GUIDELINES OF THE NEW ANSALDO ENERGIA PLAN
The board of directors, therefore, approved the guidelines of a new industrial plan aimed at "ensuring the industrial and financial relaunch" of the company, identifying four priority objectives: the rationalization of the activities of the New Units business unit (the one dedicated to the new gas turbine contracts); the increase in the share of revenues from the Service unit; the development of Ansaldo Green Tech and Ansaldo Nucleare (the two subsidiaries most aligned with the transition process to low-emission sources) "also through possible joint ventures and industrial partnerships on the national and international scene"; the focus on cash dynamics.
THE AGREEMENT WITH WESTINGHOUSE
According to Il Secolo XIX , Ansaldo Energia's new industrial plan will primarily leverage gas turbines, to be converted in the future to manage hydrogen, a zero-emission fuel. Particular attention will also be paid to nuclear plants, but to be built abroad: recently the company signed a collaboration agreement with the US company Westinghouse Electric ( which aims to build reactors in Poland ) and is carrying out a project with Federacciai for the construction of a plant in Slovenia.
BETWEEN COAL AND NUCLEAR
Il Messaggero writes instead that the new industrial plan aims to "convert [re] the mission" of Ansaldo Energia, which was previously based on the conversion to gas of three Enel coal plants: those of Brindisi, Civitavecchia and La Casella. . Given the difficulties in supplying gas and the need to guarantee Italian energy security – possibly by burning coal -, however, work on the plants has stopped.
“Ansaldo Energia also has nuclear technology at its disposal: what to do?”, Asks the newspaper. "It will be the new government that will have to give precise indications on the matter".
WHAT WE KNOW ABOUT THE NEW MANEUVER
The new maneuver should provide for a three to five year extension of the maturities, to give breath to the recovery of the company, and a change in rates. The banks involved in the transaction may also have to provide a guarantee on the new capital increase against the exit from the shareholding structure of the Chinese electricity company Shanghai Electric, which owns 12 per cent of Ansaldo Energia.
Read also: Cdp will recapitalize Ansaldo Energia. Word of Ansaldo Energia
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/ansaldo-energia-aumento-capitale-piano-industriale/ on Wed, 19 Oct 2022 10:50:39 +0000.