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ITALY - Ambienta invests EUR 20.5m into ICQ

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Ambienta SGR has made an investment of EUR 20.5m into renewable energy business ICQ Group, taking a 15.4% stake in the company. The investor has also retained the right to re-invest an additional EUR 20m at a later date to increase its stake to 26.5%.

ICQ was founded in 1982 and initially provided environmental consulting services. However, following the group’s acquisition by Luigi De Simone and Luigi De Gasperi, it has focused on the development of renewable energy and energy savings projects. The group has a portfolio of projects totalling 1,200 MW of production capacity, which have been carried out on behalf of third parties. These include around 15% of the wind power generating capacity installed in Italy as well as numerous bio-gas plants, making it one of the top three companies in the renewables sector in the country.

ICQ Group generated net earnings of EUR 15.8m in 2007 on consolidated revenues of EUR 51.1m.

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