E.On has signed a binding agreement for the acquisition of Heat & Power, a leading company for high efficient on-site power and heat generation solutions for commercial and industrial customers in Northern Italy.
Heat & Power, headquartered in Tortona, is an energy services company with a core competence in cogeneration as well as recovery of thermal energy from industrial processes.
E.On’s international unit for integrated energy solutions, E.On Connecting Energies, will purchase 100 percent of the shares of Heat & Power.
Similar to E.On Connecting Energies, Heat & Power covers the entire value chain, from concept design and engineering through procurement, financing and installation to operation and maintenance. With 22 MW currently installed capacity, the company owns and operates a portfolio of decentralized cogeneration assets across commercial and industrial sites.
“With the acquisition of Heat & Power, we are adding an important piece to becoming a major player in the promising Italian on-site generation market”, said Robert Hienz, CEO of E.On Connecting Energies. “Combining E.On Connecting Energies’ international background and skillset with Heat & Power’s successful track record and sound footprint in the Italian market, we will reach an even higher level in both customer proximity and quality of solutions for our customers.”
“Joining E.On Connecting Energies will enable Heat & Power to accelerate its growth” said Andrea Tomaselli, CEO of Heat & Power. “Our skills will be combined to better address the growing demand for on-site generation and energy efficiency solutions.”
E.On Connecting Energies is a member of E.On Group and specializes in integrated energy solutions for industrial, commercial and public-sector customers. The company designs, finances, installs and operates systems and equipment that deliver lasting reductions in energy consumption and CO2 emissions as well as life-time cost savings.