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Disclaimer
This document was prepared by ACME Holdings S.r.l. ( “ACME Holdings” or “ACME”) and sets out information regarding the
projects and activities that ACME is developing in the renewable energy market (the “Project”).
The information contained in this presentation is provided by ACME in good faith and derived from sources believed to be
reliable and accurate at the time of input.
Certain information included in this document contains statements about expected future events and financial and operating
results of ACME that are forward looking. These statements are based on estimates, assumptions, and projections and are, by
their nature, forward-looking statements subject to inherent risks and uncertainties.
This document is intended for information purposes only and exclusively for the personal and confidential use of the designated
recipient interested in a role in the Project.
This document should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial product and it
doesn’t constitute, nor should be considered as, a proposal, solicitation or recommendation to invest or to enter into any
agreement.
ACME does not accept any responsibility for the content, accuracy and completeness of the information contained in this
report. ACME does not assume any liability toward third parties expressing interest in the Project. No responsibility is accepted
for inaccurate or incomplete information provided by third parties, whether or not linked to ACME.
Neither this document nor any information that may be subsequently provided may be modified, reproduced or disclosed (in
whole or in part) to third parties without the written authorisation of ACME. The information contained in this document may
be subject to change without notice.
Information provided in this document is sensitive and confidential thus upon receipt of this document, the recipient shall keep
strictly confidential all information contained herein or that shall be supplied hereinafter.
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Table of contents
1. ACME Holdings
2. The Renewable Energy Market
3. Business Plan 2013 – 2018
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Section 1
ACME Holdings
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Philosophy
The liberalization of the electricity market
is a continuing process, but we are still far
from a wholly competitive market.
Currently it is important to diversify and
increase the electricity on offer relying
upon sustainable energy sources,
particularly renewable energy.
We need to establish a strong industry and
technological leadership to provide the
power system of Italy with the most
performing options.
Further opportunities are offered by the
integration of the national system into the
internal European market and by the
increasing and expanding relations through
the Mediterranean region.
In the long term, Italy could be viewed as a
regional hub for renewable energy and
spin-offs.
Sergio Garribba
ACME Holdings former Chairman
Actualy ACME ADVISOR
ACME Holdings works in the field of
production, transport and distribution of
electricity and heat from renewable
sources (water, solar, biomass, wind) Like
developer.
The goal is to deploy and develop
sustainable energy options while
responding to the climate change
challenge and to energy security
concerns.
ACME Holdings’ activities encompass the
whole chain of energy including design,
construction and maintenance of power
plants, in accordance with the most
advanced technologies.
Project financing, market delivery and
long-term contracting are also provided.
The company will pursue its business
purposes bearing in mind its ethical
values and the social and environmental
objectives of energy development.
Andrea Margheri
ACME Holdings actual Chairman 5
The crisis is the greatest blessing for
people and nations, because the crisis
brings progress.
Creativity comes from anxiety as the day
comes from the dark night.
In the crisis lies the inventiveness,
discoveries, and big strategies.
Who overcomes crisis surpasses himself
without being "overcome(Albert Haistain ).
Whats suggest after this?
We are working for a new world,
understand the real needs and work to
resolve they .
The ACME HOLDINGS structure has been
modified to meet the current problematics
and to give space to new ideas.
ACME HOLDINGS started in a dream.
Today, for us, the dream is a reality.
Massimo Clerici
ACME Holdings CEO
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The Company
ACME Holdings is a company specialized in direct investments in renewable energy assets.
ACME Holdings’ activities focus on the acquisition, design and construction of energy plants from
renewable sources such as biomass (gas or vegetable oil), wind and solar. All the energy produced is
intended for sale to public or private operators and energy saving in the public lighting sector.
Together with the design of the plants themselves, through its affiliated companies and partners,
ACME Holdings also intends to develop mechanical and electrical components (inverters, transformers,
engines, lamps etc.) to be provided to its affiliated companies and to the market.
ACME Holdings provides tailor made energy efficient programs and services to its customers in order to
comply with national and EU legislation regarding emissions.
ACME Holdings organizes and manages the supply and sale of vegetable oil and other types of biomass
necessary to fuel biomass plants.
Its goal is to utilize the expertise of its management and become a more efficient operator of these assets
by controlling costs and increasing production.
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Mission and Vision
Mission
To become the most effective and dynamic energy producer from renewable sources on the market, with a
strong emphasis on customer satisfaction, the quality of the services provided and the creation of value for
its shareholders whilst having a deep respect for the environment, improving energy-saving projects and
making the people who collaborate with us proud of being part of our business. n recent years we have
participated in important projects of photovoltaic one of which is about 10 mW. in Cavriglia, biomass
projects presented to General Electric Capital Financial, interjected with international banks for the
financing of projects, conversed with important groups for the purchase or sale of photovoltaic, wind farm
and other.
Vision
The demand for electricity continues to grow. The constant increase in production costs of electricity from
conventional sources and the simultaneous reduction of the cost to produce the facility components for the
production of renewable energy will, in the near future, allow the sustainability of a 100% investment in the
renewable energy and energy rationalization market with no need for specific economic incentives.
In the coming years, renewable energy plants will continue to increase without economic incentives are
expected to last in aggregate for 20 years and are in addition to revenues received for the supply of
electricity for which an 8-12% increase in the price is estimated. We are now realizing a Green Parity PV
plant of 66 MW in Italy
This leads to important investment opportunities with an enhanced financial sustainability and a higher rate
of return.
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Strategy
Focus on renewable energy
Investments are focused on energy production systems based on renewable technologies (biomass, wind
energy and photovoltaic) and energy rationalization.(smart Cities)
Economic sustainability of the business in the medium and long term
Public and Private lighting energy saving;
Service to the Municipalities;
Profits maximisation from green parity power plants ;
District heating;
Development of short distance (“filiera corta”) supply;
Geographical and technological diversification of energy sources in order to limit the single point
of investment and the associated risk;
Focus on diversified medium sized projects rather than large plants; and
Partnership with important market players and primary national and international financial institutions.
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Strategy
Territorial presence
Partnership implementation with operators (public and private) active in every region of the Italian
territory, in order to have a capillary presence to manage customers directly, provide high quality services
and have a direct grip on the business opportunities while ensuring the cooperation of local communities.
Growth and acquisition of technological know-how through industrial takeovers
Acquisitions of small/medium-sized enterprises which can create synergies, provide products and services
both internally and externally and contribute to the organic growth of the group.
Partners
Strengthening of strategic partnerships with major service providers such as Consorzio Stabile Alveare,
Cooperative Costruzioni, one of the major Italian groups in the construction sector; Schneider electric and
electronics components, ERG Energy company, and others we can propose the project financing.
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Risk Analysis and Mitigants
Area Risk Mitigant
Project
management
Bankability Rigorous selection criteria for projects, outsourcing of
development work to qualified experts and qualified
developers with proven track records.
EPC Bankability, cost increase,
delay in construction
Turnkey, lump-sum EPC contracts, full guarantee package and
penalties.
Technology Performance Primary supplier with strong track record and experience,
performance guarantees.
Fuel supply Volume and price Primary strategic partner with excellent credit, strategic
warehouses and tanks, long term contracts with fixed non-
indexed prices, scale economies with other projects.
Incentives and
Green Certificates
Sale prices Project Portfolio comprising a) operational plants and ready
to be built projects which already have, or will secure in the
short term, the applicable pre-determined price.
O&M Price reduction Selection of a solid partner with experience and references,
guarantees with penalties. Incentivisation by linking
remuneration to production levels. Provision of personnel
through the EPC contractor.
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The Management
To grow an energy company takes more than just a good idea. It takes strong leaders. Our management and
advisor team consists of high level professionals from the energy sector with strong experience in financial,
commercial, legal and regulatory frameworks at national and international levels.
Andrea Margheri - ChairmanPresident of the Italian Energy Forum, former Senator of the Italian Republic.
Massimo Clerici - CEOFormer Manager Staefa Control System (Siemens Group); Former General Manager CIAT Italy ( air conditioning
products);Former General Manager of Heliantus (a company owned by Envitec Biogas Group Gmbh, a Biogas company listed
at the Frankfurt Stock Exchange), Former Managing Director of Prometeus Consulting (an environmental engineering
company) ; International Italian Multi-utilities Energy Advisor to Confservizi, (public company for the research of oil and gas
and renewable energy).
Luigi Quinterio – Consultant.Former finance, budgeting, controlling and business planning advisor to a private equity fund.
Prof. Sergio Garribba – Former Chairman actually consultant.Former General Director of the Energy and Mineral Resources department of the Italian Ministry of Economic Development,
former Commissioner for the Energy and Gas Regulatory Authority (AEEG) and former director of the Energy Department of
ENEA (Ente per le Nuove Tecnologie, l'Energia e l’Ambiente).
Enzo Palmieri – Consultant.Energy Forum Coordinator, former ENEL manager, professor UNI 2 Roma
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Section 2
The Renewable
Energy Market
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Market’s Highlights
Renewable Energy and in particular the area related to energy efficiency is the most attractive
business opportunity in the market today.
ACME spotted the renewable energy opportunity a long time ago and has built up a very well
diversified portfolio of projects and in-house capabilities over the last years.
Very supportive regulatory regimes = stable and predictable cash flows once assets are in
operation
Capital grants, tax benefits, etc. provide strong economic backing to renewable energy projects
across several technologies making the sector independent from the general equity and credit
markets.
Main global industry drivers continue to support long term growth in renewable energy
Renewable energy is an imperative in today’s markets. Oil and gas prices have been increasingly
volatile over the last few years and the current geopolitical situation does not indicate any change in
such trend.
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Italian Market
Key Issues
Despite strong growth in sectors such as, energy efficiency, onshore wind, biogas and bio-diesel, Italy
is far from its national and European targets. Two main factors have contributed to this situation:
Firstly, market uncertainty due to political changes and ambiguities in the governmental policies; and
Secondly, administrative constraints such as complex authorisation procedures at the local level.
Now the situation has radically changed and Italy is quickly bringing on line a level of renewable
energy production that is well above the European average. Today, Italian legislation in the efficiency
energy renewable energy field is well-defined and there is certainty in administrative procedures and
payments.
Current national RES target
According to the EU directive, Italy must achieve a RES-E (Electricity production from renewable
energy sources) share of 20% of gross electricity consumption by 2020. On a national level, energy
producers and importers are now obliged to deliver a certain percentage of electricity from
renewable sources to the market every year.
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Incentive regime
National Policies
In order to promote RES-E, Italy has adopted the following
policies:
Priority access to the grid system is granted to electricity
from RES and CHP (Combined Heat and Power) plants.
An obligation for electricity generators to feed a certain
proportion of RES-E into the power system (where non-
compliance leads to sanctions).
Tradable Green Certificates (which are tradable
commodities proving the generation from renewable energy
sources are used to fulfil the RES-E obligation).
A fixed and guaranteed incentive (feed-in tariff) for
energy produced from renewable sources.
Evolving Legal Framework
In addition, national legislation is being developed, both for
RES-H and bio-fuels. Subsidies are already in place for bio-
ethanol production and tax exemptions are granted for bio-
diesel production.
In the meantime, certain regional and local governments have
introduced various measures to encourage RES production in
their areas.
Electricity prices for industrial use in EU
Prices net of taxes; July-December 2007; c€/kWh
Fonte: Elaborazione AEEG su dati Eurostat.
Cost of energy production in Italy by sourceValues in €/MWh
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Electricity from RES
As shown in the first graph, electricity generated from
water is the main contributor to RES-E, with almost 37 TWH
in 2005 (more than 70% of the total RES-E).
Geothermal electricity, ranked second until 2004, has been
progressively overtaken by biomass energy with a share of
over 10% of total RES-E.
Between 1997 and 2005, Wind power recorded an average
annual growth of 48%. The installed capacity for wind has
risen and reached 1,847 MW in 2004, and 2,343 MW in 2005.
RES-E from photo-voltaic sources was quite low until 2005
at which point legal incentives for the production of
renewable energy were introduced.
The second graph shows how, during the relevant six-year
period, the production of RES-E has grown compared to
total domestic energy production. Renewable energy, in the
reference period, did not even offset the increase in
consumption.
Gross production from renewable sources
in Italy from 1994 to 2005 (GWh)
Total gross production and production from renewable
sources in Italy from 1994 to 2005 (GWh)
Incentives regime
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Incentives regime (>1MW)
Biomass, Wind, other : Reference Law: D.M. of the 18/12/2008, Duration of the Incentive: 15 years
SPV agricultural company: reduction of taxes from 40 % to c.10 %
N° SOURCE MULTIPLE
1 Onshore Wind plant > 200 kW 1,00
1-bis Offshore Wind plant 1,10
3 Geothermic 0,90
4 Wavy motion 1,80
5 Hydraulic 1,00
6 Biodegradable waste biomass 1,10
7Biomass and biogas from agricultural activities, farming and
forestry from “Filiera Corta” ( pending Decree)1,80
8Landfill gas and gas explosive from the processes of
purification and biogas other than those of previous point 0,80
Feed-in tariff (Power > 20kW in effect from 31 December 2008) :
- non-integrated: 0.35 Euro/kWh
- partially integrated: 0.39 Euro/kWh
- integrated: 0.43 Euro/kWh
Plants in exercise during 2010: above tariffs decreased by 2%.
Solar : Reference Law: D.M. of the 19/02/2007, Duration of the Incentive: 20 years
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Energy Efficiency
Exponential growth opportunity
In the future the technological LED expected to lowers cost
significantly and improve efficiency.With a minimal investment compared to other proposed activities on
energy efficiency is currently the best investment with certain IRR in
excess of 20% ( first 5 years).
Contract. The contract duration is twenty years and the break even
is during the first five years of activities.
Supplied Service.
• Reduction of energy consumption thus reducing public spending,
• Innovative services rivulets to the public and private sectors,
• Reduction of emissions into the atmosphere,
• Reduction of pollution.18
The energy saving market , of the energy rationalization , as proponent of
financial outsourcing services to public and private enterprises..
17%
25%58%
Italian Lighting consumption
50,8 TW.
Street Lighting
Residential Lighting
Comm / Ind. Lighting
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Solar Photo-voltaic
Opportunity
The solar photovoltaic industry in Italy is the most
promising market among renewable sources.
The market is rapidly moving from small to large size
plants which will benefit from significant economies of
scale.
Technological break-through expected to lowers cost
significantly and improve efficiency
While the costs of realisation have dramatically decreased
during the last year, solar PV technologies are increasing in
efficiency and are eligible in the green parity market.
Irradiation
Irradiation ratios in Italy are among the highest in Europe.
In the southern regions, irradiation exceeds 1,800 hours,
allowing high rates of productivity.
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Biomass
Technology and fuel supply
Energy production from biomass in Italy has shown a
high growth rate in recent years.
While the technologies used are typically very long
established, the feasibility of a project is strongly
determined by the security of supply.
Support by Italian system
The Italian system is expected to support the energy
produced by biomass with higher incentives when the
fuel is produced locally at short distance (“filiera
corta”). The relevant regulation is still under
approval.
Italian port infrastructures are well equipped and
positioned to render the transport of non-
autochthonous fuel efficient.
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Wind
Technology evolution
The turbine market has been continuously
developing for over 30 years, the wind
energy industry uses very long-established
technologies.
Greater size and efficiency of the technology
coupled with more players in the market will
result in improved efficiency and lower costs.
Administrative Framework
While in the past the authorisation
procedures have been the cause of delays in
the realisation of wind projects, the
government and local authorities have
expressed a strong determination to
encourage production in this sector. Source: GWEC
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