History

The history of Greentech is a long story of a company now focusing on operating renewable energy projects that spent its younger years as a local savings bank and later as an investment bank.
Below Greentech presents some of the highlights of the Company’s history so far.
February 2017 Greentech finalized the definitive exit from the Environment division through the sale of Gruppo Zilio.
December 2016 Greentech signs the definitive agreement for the acquisition of the remaining stake (50%) of La Castilleja solar plant from its coshareholder Foresight Group.
September 2016 Greentech sold its Spanish Fotocampillos solar plant (2.10 MW) to Vela Energy S.L.
March
2016
Greentech sold three of its Polish wind projects: Parnowo, Ustka and Smolęcin to a subsidiary of EDF EN POLSKA SP. Z.O.O owned by EDF Energies Nouvelles
November 2015 Greentech officially filed a request for arbitration against the Kingdom of Spain pursuant the Energy Charter Treaty
July
2015
Greentech officially filed a request for arbitration against the Republic of Italy pursuant the Energy Charter Treaty
June
2015
Greentech sells its 50% stake of Wormlage and Tiefenthal wind plants to Nordenergie A/S.
October 2014 Mr. Alessandro Reitelli was appointed as new CEO of the Group. Mr. Francesco Vittori was apponted as new CFO of the Group.
April
2014
During the AGM Mrs. Michèle Bellon is elected as new member to the Board of Directors
April
2013
During the AGM Giorgio Bruno from Pirelli and Giovanni Ferrari from Banca Intesa are elected as new members to the Board of Directors
March
2013
The Company signs the Term Sheet of a majority Joint Venture (JV) agreement with Foresight Group for new investments in solar PV projects in the USA
February 2013
The project financing of a 24 MW Wind Farm in Cagliari (Sardinia – Italy) is completed
January 2013
The 50% stake of the Wojciechowo project is sold to PGE Energia Odnawlalna S.A.
December 2012
Three new solar plants of 2 MW were acquired from Pirelli Group in the end of December bringing total installed capacity from 290 to 318 MW gross
November 2012 Cagliari II project (Energia Alternativa) entered into full operation
November 2012
Alessandro Reitelli is appointed as new CFO and COO ad interim
February 2012 Signed the final agreement regarding the sale of the Monte Grighine substation to Terna (the Italian grid company) at a price of EUR 3.59M
January 2012 The same prosecutor that had legally seized all the 16 turbines of the Cagliari II project for alleged administrative violations in June 2011 (see Company Announcement No 14/2011) unseized the plant completely.
August
2011

The “new” Greentech is a reality with the combination of Greentech energy Systems A/S and GWM Renewable Energy S.p.A.

May
2011
Greentech and GWM Renewable Energy sign an agreement to combine the two groups:
Greentech is to make a share capital increase in favour of GWM RE upon contribution in kind of GWM RE’s renewable assets including GWM RE’s shares in GWM Renewable Energy S.p.A. The transaction is subject to a satisfactory due diligence, obtaining of all relevant authority approvals etc. and is expected to be completed prior to the end of August 2011.
End 2010-
Q1 2011
The new Board of Directors and Management performs a thorough legal, financial, accounting and business review of Greentech resulting in the restructuring of the organisation and activities and leading to the definition of a new strategy based on:
  • Growth through greenfield development, mergers and acquisitions of operating assets
  • Technology diversification (wind, solar, hydro, biomass)
    • In January 2011, Greentech announces that development of the Company’s first solar project (30 MW) in Sardinia is at an advanced stage
  • Geographical expansion in other European countries
The overall goal is to become a leading company in the European renewable energy market with 1 GW of operating assets.
November 2010
Sigieri Diaz della Vittoria Pallavicini takes over as Chief Executive Officer. Eugenio de Blasio is appointed Deputy CEO and Mark Fromholt is confirmed as CFO.
October 2010 A new International Board of Directors is installed.
September 2010
Italian investor GWM Renewable Energy becomes the largest shareholder in Greentech (with a shareholding of ~29%)
Q2/Q3
2010
The two major projects in Italy: Minerva Messina and Monte Grighine with a total net capacity of 98 MW become fully operational.
May
2009
Greentech establishes a strategic partnership with EDF Energies Nouvelles, an agreement which includes sale of 50 % of the Monte Grighine project.
July
2008

The financing agreement concerning the Energia Verde project becomes operational.

May
2008

The financing agreement concerning the Minerva Messina project becomes operational.

April
2008
Greentech issues 2,074,000 new shares as payment for the acquisition of the 24 MW Cagliari II project.
CFO Mark Nikolaj Fromholt joins the Executive Board which is hereby enlarged from two to three members.
October 2007

Greentech completes an offering of 12,000,000 shares placed with international institutional investors and raises gross proceeds of approximately DKK 1,1m (approx. EUR 150m) – the largest share issue on the OMX Nordic Exchange Copenhagen in 2007.

September 2007
1 September Greentech founds a subsidiary company in Italy named Greentech Energy Systems Italia S.r.l.
Greentech launches its new website.
August
2007
The Company signs a number of development contracts with the Italian engineering firm, Ecoservice Consulting S.r.l., for the development of 98 MW of capacity in five different projects.
The Company acquires the Italian renewable energy project development company, PMB Engineering S.r.l., to strengthen its local expertise and access to wind energy projects in Sardinia. This acquisition has also provided the Company with access, if considered attractive upon further investigation, to potential solar energy projects.
June
2007

Completion of development and commencement of operations of the Company’s first wind energy project in Sardinia, Italy, of 21 MW.

March
2007
Acquisition by way of stock consideration of VEI 1 A/S, a wind energy project developer based in Denmark.
2006
Commencement of construction of the 99 MW Monte Grighine wind energy project in the municipalities of Villaurbana, Siamanna and Mogorella in the West of Sardinia, Italy. The project constitutes at this time Greentech’s largest development and construction project.
In Poland, Greentech continues to investigate the local market and completes the construction of the Company’s first wholly-owned wind energy project in Połczyno, Poland, with a nominal production capacity of 1.6 MW.
Martin M. Kristensen joins the Company as Executive Vice President.
2005
Entry into joint venture with the PSE Group, the state-owned utility company in Poland, to explore the further potential for wind energy projects in Poland.
2003

Acquisition of the company Wiatropol International Sp. z o.o. in Poland. This transaction provides Greentech with its entry into the Polish market.

2002
Acquisition of the company Energia Verde S.r.l. in Sardinia as part of the Company’s first move into the Italian market.
2001

Acquisition of 12.9 MW located in Milbak, Oppelstrup and Hannesborg in Denmark.

2000
Sale of all shares in the Greek subsidiary Wind Park of Rhodes.
Shut-down of all activities in Greece.
Acquisition of 2.6 MW wind energy project located in Frørup, Denmark.
Mr. Kaj Larsen takes over as Chief Executive Officer and rolls out an expansion programme focused on building up a portfolio of wind energy projects under various stages of development and across a variety of attractive markets.
1998

Cederholm and Voss Danmark changes its name to Greentech Energy Systems A/S and decides to focus on renewable energy.

1993

The company name is changed to Cederholm and Voss Danmark, a company focusing on investment in real estate.

1991

Sydfyns Diskontobank becomes an investment company and its name is changed to Top-Sydfyn Invest A/S.

1924

Greentech is founded as a public limited company on 3 October under the name Sydfyns Diskontobank. Sydfyns Diskontobank was a local Danish savings bank.