October 2026
Largest Renewable Energy Public Companies in Italy
Benchmark revenue and EBITDA valuation multiples for public comps like
ERG, Alerion CleanPower, Seri Industrial, Altea Green Power and Energy Time.
 | ERG is an Italian renewable power producer based in Genoa that was founded in 1938 and is listed on the Milan stock exchange. It generates electricity from wind and solar plants and reported installed capacity of 3,974 MW at the end of 2025. The group is controlled with 62.53 percent by SQ Renewables, a holding in which the family office of the Garrone-Mondini family and IFM Investors, through its Net Zero Infrastructure Fund, agreed in 2022 to hold 35 percent. Chief executive Paolo Merli leads the group, whose industrial plan includes a geographic refocus on core markets such as Italy, the United Kingdom, France, Germany and the United States. It has grown by buying operating plants, among them seven Italian wind farms from EDP Renewables in 2022, a 75 percent US portfolio from Apex Clean Energy in 2024 and a 73 MW English wind portfolio in 2026, while selling its Swedish Furuby wind farm. | $26 | -1% | $3.7B | $6.3B | 7.5x | 12.3x | ||
| Alerion CleanPower SPA operates in the renewable energy sector, managing wind and solar power plants across Italy, Romania, Spain, and Bulgaria. Its activities include the generation of electricity from renewable sources. The company focused on wind and solar power generation and energy storage. | $19 | -21% | $1B | $1.9B | 13.7x | 17.4x | ||
| Seri Industrial is an Italian industrial holding company listed on Euronext Milan, with its head office in San Potito Sannitico in the province of Caserta. Its subsidiaries make lithium and lead-acid batteries through FIB and FAAM, recycle lead through Repiombo, compound polypropylene through Seri Plast and build buses through Menarini. The group built Italy's first plant for industrial production of LFP lithium cells at Teverola, on a former Indesit site, and is expanding it into a second gigafactory. It reported revenue of EUR 205.1 million for the first nine months of 2025 and has about 1,324 employees. In 2025 it raised a EUR 150 million bank financing with a SACE guarantee for the Teverola 2 expansion. Its controlling shareholder is SE.R.I. S.p.A., owned by chief executive Vittorio Civitillo, which holds about 56 percent of the capital. In May 2026 Eni agreed to buy 30 percent of a new company set up by FIB for the stationary-battery business. | $3 | -16% | $139M | $427M | 1.4x | 6.3x | ||
| Altea Green Power is an Italian renewable energy company listed on the Euronext STAR Milan segment, with its operating base in Rivoli near Turin and its registered office in Turin. The company says it was born in 2008 to supply and manage photovoltaic, wind and storage plants. It works as an independent power producer from exclusively renewable sources and as an engineering, procurement and construction contractor that acts as a single point of contact for installing and starting up plants. Its development portfolio includes more than 1.5 GW of photovoltaic and wind projects and about 5.5 GW of battery storage projects, and it has a development partnership with Renewable Power Capital for 1 GW of storage in Italy. In May 2026 it bought its first proprietary operating photovoltaic plant, bringing forward the start of its own generation portfolio from 2027 to 2026. For the first half of 2026 it reported total revenue of 5.5 million euros and EBITDA of 1.8 million euros. | $6 | -22% | $106M | $132M | 5.4x | 9.2x | ||
| Energy Time is an Italian company based in Campobasso that designs, builds and maintains photovoltaic plants as a design, engineering, procurement, construction and operation contractor. It was founded in 2008 as Arco Energy and has more than 17 years of activity, with over 150 MW of photovoltaic capacity installed. Its customers are mainly independent power producers, commercial and industrial users and agrivoltaic projects, and it also operates in mini wind through its subsidiary ET Wind. The company listed on Euronext Growth Milan on 24 July 2025 after a placement of 1,562,500 shares, and the holding Keep Calm Srl controls the majority of the capital. Revenues were EUR 17.68 million in 2024, up 95.8%, and the project backlog reached 237 MW worth EUR 124 million. The group employs 53 people. | $9 | -- | $68M | $70M | 2.7x | 13.5x | ||
| Iniziative Bresciane, known as INBRE, is an Italian producer of renewable electricity that identifies sites for, designs, builds and operates small and medium hydroelectric plants. It has been active in renewable generation since 1996 and operates through group companies, with plants in the provinces of Brescia, Bergamo, Cremona, Trento, Lucca and Florence. At the end of 2025 it had 66 MW of installed capacity across 50 hydroelectric plants and net output of 170.7 GWh. Its shares have traded on Euronext Growth Milan since 15 July 2014. Finanziaria Valle Camonica is its majority shareholder, and Dolomiti Energia Holding took about 16.5 percent in 2020. The group grew by buying Pac Pejo in 2017 and three plants in Lucca in 2021. | $9 | -35% | $47M | $154M | 6.7x | 9.9x | ||
| Lemon Sistemi is an Italian renewable energy and energy efficiency company based in Balestrate near Palermo in Sicily. It was established in 2009 by the engineers Maria Laura Spagnolo and Vincenzo Palazzolo. The company designs, supplies and installs photovoltaic systems, solar thermal and air conditioning for homes and businesses, and offers engineering design, technical consulting, site supervision and testing, and after-sales support. It became a joint stock company in 2022 through a merger with Alfa Lemon, which handled Superbonus work, and it owns Lemon Go, a design firm. The shares have traded on Euronext Growth Milan since 29 December 2023, when the placement raised EUR 2 million at a market capitalisation of EUR 12 million. Value of production was EUR 11.9 million in 2022. | $1 | -34% | $12M | $14M | 1.9x | 15.3x | ||
| Frendy Energy is an Italian company that produces electricity from mini-hydroelectric plants, based in Milan and founded in 2006 by Rinaldo Denti. It develops small hydropower plants on low heads and has worked with the Scotta group on turbine designs such as Supervite, Kaplanina and Sommersa. Its shares were admitted to the AIM Italia market of Borsa Italiana on 22 June 2012, and the market is now called Euronext Growth Milan. In 2014 and 2016 it took over a series of project companies in the Novara area and in Piedmont, several of them from the Bona group. Edison acquired control in October 2017 and launched a mandatory tender offer, and the company is now a subsidiary of Edison. | $0 | -25% | $12M | $8M | 3.6x | 9.4x | ||
| Cogefeed SpA specializes in renewable energy, providing sustainable solutions for energy efficiency and electricity production. | $1 | +33% | $7M | $17M | 68.0x | - | ||
| Median | $6 | -22% | $68M | $132M | 5.4x | 11.1x |
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