Snam enters the agricultural biomethane sector: completes 50% acquisition of Iniziative Biometano
San Donato Milanese (MI), 30 September 2020 - Snam, through its subsidiary Snam4Environment, today completed the acquisition from Femogas S.p.A. of a 50% stake in the share capital with joint control rights of Iniziative Biometano S.p.A., a company that operates in the management of biogas and biomethane plants fuelled with biomass of agricultural origin in Italy.
The value of the transaction, announced on 7 May at the 2020 first quarter results presentation, is approximately €10 million. Femogas, a national reference company in the development of industrial initiatives in the agricultural biomethane sector, will remain a shareholder of Iniziative Biometano with a 50% stake.
The acquisition allows Snam to enter the agricultural biomethane sector, whose development is expected to provide the most significant contribution to the success of biomethane, which is a strategic resource for the purposes of the energy transition and the circular economy in Italy.
Through its subsidiaries, Initiative Biometano currently owns five biogas plants already in operation for which conversion to biomethane is planned through IES Biogas (a subsidiary of Snam). It also owns further projects at various stages of development, with an overall production potential of approximately 39 megawatts. The first of these will go into production in Sicily in October.
Iniziative Biometano will be the platform with which Snam and Femogas will develop further projects within Italy to give a decisive boost to the availability of biomethane in increasingly significant quantities in the national energy mix. Biomethane is a pillar of the SnamTec program, which focuses on innovation and the energy transition, and to which the company has dedicated an investment of €1.4 billion as part of its strategic plan of €6.5 billion by 2023.
30 September 2020 - 16:25 CEST