Three Hills in €35m deal for Synergo-backed Building Energy

The investment is structured as a €5m equity injection with mini-bonds worth €30m, which are wholly underwritten by Three Hills. The mini-bonds will be listed on the ExtraMOT segment of the Italian stock exchange.

The fresh funds will enable the company to invest in expansion in the US, South Africa and eastern Europe. The company recently won bids to develop a biomass plant, wind farm, solar park and mini-hydroelectric plant in Africa, in addition to a wind farm and solar installations in north and central America.

Prior to the expansion deal, Synergo controlled a 32.2% stake in Building Energy, with 67.8% controlled by company management.

Previous funding
Synergo acquired a 25% stake in Building Energy in June 2013 via a €20m capital increase. A year later, the GP invested a further €8.5m for an additional 7.2% stake.

Company
Founded in 2010 and headquartered in Milan, Building Energy is a renewable energy business.

It oversees the development of greenfield and brownfield projects, operations and management, engineering procurement and construction, and the sale of energy.

The company has an international presence and already has operations in South Africa and the US.

People
Mauro Moretti is founder of Three Hills. Fabrizio Zago is CEO of Building Energy.

Advisers
Equity – Linklaters (Legal); PwC (Corporate finance, tax); Invest Africa (Commercial due diligence).
Company – Chiomenti (Legal); Clifford Chance (Legal).

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• Topics
• Expansion
• Southern Europe
• Infrastructure
• Italy
• Synergo