The draft financial statement of SGR, which manages F2i, is closing with a gross profit of 6.1 million euros, whilst the net profit amounts to almost 3.8 million euros. The board of directors (Vito Gamberale – managing director) has proposed assigning the profit to cover all of the loss deriving from the startup phase.
F2i has signed a joint venture agreement with Novenergia, an investment fund specialising in renewable energy sources and held by leading Portuguese financial institutions. The joint venture plans to make investments in the photovoltaic sector for some 500 million in the 2009/2011 period. The planned financial commitment for F2i and Novenergia is approximately 100 million euros.
On February 28, 2009, F2i completed the fundraising period, for a total of 1,852 million euros (consistent with the initial target). In the wake of the funding, F2i is the main Italian infrastructure Fund and the world’s largest devoted to a single country. The investment period is therefore now beginning; by regulation, it will last up to four years/ F2i will operate as a long-term fund, thereby making possible a selective acquisition of investments and medium-long-term industrial management of them, maximising their development.
Enel Trade SpA has sold to F2i 49% of Enel Stoccaggi Srl for a price of approximately 6.2 million euros. Enel Stoccaggi will continue the technical/administrative process begun by Enel Trade at the Romanengo storage site, the reconversion project calls for a storage capacity of about 300 million cubic meters with commissioning in 2012.
F2i’s board of directors has decided to sign an agreement with Alerion Industries SpA, a company operating in the production of electricity from renewable sources. The agreement calls for F2i to underwrite an increase in Alerion’s capital. F2i’s managing director stated that the Fund’s entry into the strategic renewable-energy sector lays the groundwork for the creation of a network hub that will contribute towards qualifying this new segment industrially, financially and in terms of development.