Ansaldo Energia approves growth plan as new CEO takes the reins

The Board of Directors of Ansaldo Energia S.p.A. has approved its new 2022-2027 Industrial Plan and given the go-ahead for the financial measures to support the implementation of the plan.

The plan is in line with the guidelines approved on 1 August 2022 and will be implemented following the conclusion of stakeholder negotiations.

The strategy aims to maximise the company’s legacy in the conventional gas turbine and nuclear power industries, as well as diversify its offerings in the context of the energy transition.

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The plan includes three lines of action:

1. Safeguarding the company’s traditional line of business, with a greater emphasis on the sale of power generation machinery and a special focus on international markets, increasing the contribution made by its Service Business Unit;
2. Development of the Nuclear Business Unit, particularly in fusion (with the construction of the experimental Iter plant in France), fission (with projects such as those underway in Romania and Slovenia) and decommissioning, with several projects in Italy and the UK;
3. Diversification of the company’s business in the context of the energy transition, including initiatives concerned with storage systems and electrolysers for hydrogen production.

The manoeuvre supporting the new plan includes, among other measures:

1. A capital increase totalling 580 million euro ($630 million) in funds offered as an option to shareholders, to provide financial support for the investments and implementation of the new Plan and provide the funds required for partial repayment of loans from banks in the pool;
2. Extension of the due date of the existing 200 million shareholders’ loan provided by the shareholder CDP Equity;
3. Extension, by the pool of banks supporting the company, of the due dates: (a) of the existing medium to long term lines of credit; (b) of signature lines of credit, for the issuing of guarantees to support development of the new plan.

The company's executive bodies will now draw up the final agreements with the credit institutions and other parties involved.

The team hopes the agreements will be concluded in the coming weeks and finalised within April 2023.

Once finalised, a shareholders’ meeting will be called to pass the necessary resolutions.

Announced with the approval of the Industrial Plan, Ansaldo Energia also confirmed that the company’s outgoing chief executive officer, engineer Giuseppe Marino, left the company on 1 April and will be replaced by Dr Fabrizio Fabbri.

The Ansaldo Energia Group is a company 88% owned by CDP Equity, Cassa Depositi e Prestiti Group, a national promotion institution that has supported the Italian economy since 1850, and 12% by Shanghai Electric.