COFIDES will support Greening-e, an engineering, construction and maintenance company for energy facilities, in its expansion in Italy.

To do so, COFIDES will provide 200,000 euros by means of a joint venture loan to the project company from the Fund for SME Foreign Investment Operations (FONPYME). The total investment in the project, including the developer's contribution, is 300,000 euros.

The financial support from COFIDES will be used to cover the costs of personnel and office rental for Greening-e's commercial implementation in Italy. Through this project, the company intends to diversify its business model and broaden its operational reach. Italy is a country with significant market potential and ample growth prospects. Greening-e's initial objective is to pursue its main business lines in Italy: distributed generation and energy efficiency, as well as the development and operation of photovoltaic plants.

The COFIDES chairman, José Luis Curbelo, said that "supporting companies that are committed to developing renewable energy projects and thus contributing to the energy transition is a priority objective for COFIDES".

Ignacio Salcedo, CEO and founder of Greening-e, said that "our expansion in Italy is a dream come true, as it is a market with great potential in which we will be able to put our company's know-how to good use, conducting photovoltaic generation projects, both for industrial self-consumption and direct sale to the grid".

CONTRIBUTION TO THE SDGS

The project contributes to the achievement of Sustainable Development Goal (SDG) 7, Affordable and clean energy, and SDG 13, Climate action, as Greening-e's core business is the design and construction of photovoltaic plants with the aim of promoting energy efficiency and savings by improving energy supply and lowering energy costs.

ABOUT GREENING-E

Greening-e is an SME from Granada that belongs to the Greening Group holding company. The company began its process of international expansion in 2016 and currently operates in Spain, Morocco, Italy and Mexico. It has more than 250 employees and in 2022 it will continue its international expansion with the opening of new offices in Germany and the USA.

Today, the holding company to which it belongs, Greening Group, consists of a total of seven companies, each specialising in a service area that allows the group to be vertically integrated throughout the value chain. This experience has enabled it to develop a 360° service as a partner for its clients in any area of the energy sector.

Greening Group offers a complete range of services: product manufacturing, engineering and construction of facilities, energy generation and energy commercialisation.

ABOUT COFIDES

COFIDES, a state-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).

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