Alerion Clean Power

What Alerion Clean Power does

Alerion Clean Power S.p.A. is an Italian pure-play renewable energy operator listed on Euronext Milan (BIT:ARN) since 2003 and headquartered in Milan. The company generates and sells electricity exclusively from wind, solar, and battery energy storage systems (BESS), operating 1,021+ MW of installed capacity across Italy, Romania, Ireland, and (in development) the United Kingdom, producing 1,267 GWh in FY2025. Its portfolio spans onshore wind farms with multi-megawatt turbines (2 MW to 4.5 MW units with hub heights up to 120 m), utility-scale photovoltaic plants ranging from 4.02 MWp to 34.69 MWp, and energy storage assets. Notable operational assets include Tramezzo (29.4 MW, Apulia), Plose (34.69 MWp, Romania), Anemos (50 MW, Sicily), and the recently acquired Milestone Wind Farm (14.4 MW, Ireland), with a 130.5 MW Romanian wind pipeline under a Vestas supply contract targeting H1 2027 commissioning.

Alerion monetizes electricity through long-term power purchase agreements, regulated incentive schemes such as Ireland's REFIT, and merchant pricing, with revenue flowing primarily to national grid operators (Terna in Italy, and analogous off-takers in other markets). FY2025 revenue reached €246.9 million with €191 million EBITDA and €94 million net profit, supporting a €0.61/share dividend (~€33 million total). The company pursues an equity recycling model — combining full ownership with partnerships such as the Alperion joint venture with Alperia, plus periodic asset divestitures (notably the December 2025 sale of Eolica PM S.r.l. to Estra S.p.A. for €155.9M EV) — to free capital for new high-value renewable investments.

Capital structure is anchored by controlling shareholder Fri-El Green Power S.p.A. (~88.4% pre-capital increase, expected to dilute to ~80.3% post-raise). Alerion supplements operating cash flow with green bond issuances (€300M Green Bond 2026 at 4.625% due 2032) and a €135.6M equity raise approved in May 2026, the latter designed to expand free float from ~10% to ~19.7%. The 2025-2028 Industrial Plan funds an active development pipeline spanning Italy, Romania, Ireland, and the UK, positioning the company to scale capacity further while maintaining the pure-play renewable focus that differentiates it from diversified energy groups.

Name

Alerion Clean Power

Legal name

ALERION CLEAN POWER S.P.A.

Website

https://alerion.it

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Renewable Energy Generation

NAICS

Wind Electric Power Generation (221115), Solar Electric Power Generation (221114), Electric Power Generation, Transmission and Distribution (2211)

SIC

Cogeneration Services & Small Power Producers (4991), Electric Services (4911)

akta.pro primary industry

Wind Turbines & Nacelle Prime Movers (IMAHAFAE)

akta.pro secondary industries

Renewable Grid Interconnection & Collector Systems (Solar/Wind) (IMAFAHAD), Microgrid Development, EPC & Integration (EUAMAJAB)

Keywords

• Wind power generation
• Solar energy production
• Renewable energy utility
• Battery energy storage
• Utility-scale renewables

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices16 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Personnel, Operations, Technology or R&D, Others

Revenue model

1. Electricity Generation and Sale: Alerion generates electricity from its wind, solar, and storage plants and sells it, primarily under long-term power purchase agreements or incentive schemes (e.g., REFIT in Ireland). Revenue is recurring based on capacity utilization and market prices.
2. Asset Disposals / Equity Recycling: The company periodically divests operating assets (e.g., sale of Eolica PM S.r.l. for €133.9 million) to optimize capital allocation and reinvest proceeds into new projects. This equity recycling model provides non-recurring but significant cash inflows.
3. Green Bond Issuance: Alerion issues green bonds to raise debt capital for financing and refinancing wind, solar, and BESS projects. Completed issuances include €300M (2026-2032), €200M+ (2024-2030), and prior series. Bonds are listed on MOT and Euronext Dublin.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels8 records

Core offering

Alerion Clean Power is a pure-play renewable energy operator that develops, owns, and operates utility-scale wind farms, photovoltaic (solar) plants, and battery energy storage systems (BESS). The company generates electricity from these assets and sells it primarily into national electricity grids (e.g., Terna in Italy) under long-term power purchase agreements, government incentive schemes such as REFIT in Ireland, and merchant market arrangements. Alerion also pursues an equity recycling model, periodically divesting operating assets to reinvest proceeds into new renewable energy projects.

Product overview

Alerion Clean Power S.p.A. is a pure-player renewable energy company focused exclusively on wind energy, solar energy, and energy storage solutions. The company operates a portfolio of wind farms and photovoltaic plants across Italy, Romania, and Ireland, with a combined installed capacity exceeding 1,021 MW as of 2025. Core operations include Wind Energy (energia eolica) using wind turbines, Solar Energy (energia solare) through photovoltaic plants, and Energy Storage systems including Battery Energy Storage Systems (BESS). The company is also active in project development with initiatives like BESS La Loma, and utilizes financial instruments such as Green Bonds to fund renewable energy projects.

Differentiator

Problem solved

Functional benefit

Brands

• Alerion: Primary commercial brand for renewable energy production including wind, solar, and energy storage operations

Products and services

• Wind Energy (Energia Eolica) Generation of electricity from wind through utility-scale wind farms equipped with multi-megawatt turbines (2 MW to 4.5 MW+, 120m hub heights). Plants include Bioenergia Srl (29.4 MW), Alperion Srl (10.95 MW), Wind Power Sud Srl (33.15 MW), Anemos Wind Srl (50 MW), FRI-EL Grottole Srl (54 MW), FRI-EL Guardionara Srl (24.65 MW), FRI-EL Anglona Srl (29.75 MW), and Milestone Wind Farm Ltd (14.4 MW, Ireland). Electricity is sold to grid operators and utilities.
• Solar Energy (Energia Solare)
• Energy Storage (BESS / Pumped Hydro)

Quantifiable outcome

• 1,267 GWh of renewable electricity produced in 2025
• +6 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Borsa Italiana S.p.A.minorOthers · 13 February 2026Alerion's Green Bond 2026 is admitted to trading on the Mercato Telematico delle Obbligazioni (MOT) organized and managed by Borsa Italiana S.p.A. Alerion shares are listed on Euronext Milan.
• Central Bank of IrelandminorOthers · 21 January 2026The Central Bank of Ireland approved the prospectus for the €300 million Green Bond 2026 on January 21, 2026, which was subsequently passported into Italy. The bonds were also admitted to Euronext Dublin.
• Estra S.p.A. (Plures Group)coreChannel Partner/ Reseller/ Distributor · 5 December 2025Alerion sold 100% of Eolica PM S.r.l. (owner of 52 MW operating wind farm in Pontelandolfo, BN) to Estra S.p.A. for an Enterprise Value of €155.9 million (consideration ~€133.9 million in cash). Closing completed December 2025. This is a key equity recycling transaction under Alerion's 2025-2028 Industrial Plan, with potential for future industrial cooperation.
• Terna S.p.A.coreStrategic or Co-development Partner · 17 September 2025Terna is Italy's national electricity grid operator. Alerion's wind farms require Terna's authorization and grid connection to commence operations. The Tramezzo Wind Farm was energized following Terna's authorization, enabling it to begin feeding electricity into the national grid.
• Milestone Wind Farm LtdcoreStrategic or Co-development Partner · 9 September 2025Alerion acquired 100% of Milestone Wind Farm Ltd (14.4 MW onshore wind farm in County Tipperary, Ireland, operational since 2018 with 4 Vestas V105 turbines) for approximately €27 million through its subsidiary Alerion Ireland Limited. Expected annual production of ~40 GWh under REFIT incentive scheme.
• Wind Turbine Manufacturer (Vestas)coreTechnology or Integration · 25 June 2025Draghiescu Partners S.r.l. (subsidiary of Alerion Servizi Tecnici e Sviluppo S.r.l.) signed a contract for the supply of 29 wind turbines of 4.5 MW each (total 130.5 MW) for three Romanian wind projects. A medium-term Operation & Maintenance (O&M) contract was also signed. Target commissioning: H1 2027.
• Alperia (via Alperion Srl joint venture)coreStrategic or Co-development Partner · 1 January 2025Alperion Srl is a joint venture between Alerion Clean Power and Alperia, managing the Tramezzo Wind Farm (29.4 MW) in Apulia and potentially other projects. This partnership combines Alerion's renewable energy development expertise with Alperia's regional presence, and represents the first application of Alerion's equity recycling model.

Scale indicators16 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• ERG S.p.A. ERG is Italy's largest pure-play wind IPP with ~3.2 GW of installed wind capacity, listed on Borsa Italiana. Closely comparable to Alerion in geography (Italy-heavy), asset mix (wind plus solar and BESS additions), regulatory exposure, and equity-recycling strategy.
• Eni Plenitude (incorporating former Falck Renewables): Eni Plenitude integrates renewables (formerly Falck Renewables) with retail and EV charging. Falck was Alerion's closest Italian IPP peer before being acquired; Plenitude remains the most direct comparably structured Italian wind and solar IPP competitor.
• EDP Renováveis (EDPR): EDPR is one of Europe's largest listed wind and solar IPPs, with operations across Iberia, North America, and Europe. Comparable business model of utility-scale wind/solar development with PPAs, although much larger scale and broader geographic footprint than Alerion.
• Encavis AG: Encavis is a Germany-listed independent power producer operating wind and solar parks across Europe. Closely mirrors Alerion's pure-play onshore wind and solar IPP model, with a comparable mix of PPAs, merchant exposure, and capacity in the low-single-digit GW range.

Broad incumbents

• A2A S.p.A. A2A is a multi-utility Italian group with significant wind, hydro, and solar generation alongside networks and waste. Overlaps with Alerion in Italian renewable generation and PPAs but as a diversified incumbent rather than a pure-play operator.
• Iberdrola Renovables / Iberdrola Energía Internacional: Iberdrola operates a global renewables portfolio (~40+ GW) including onshore wind, offshore wind, and solar across Europe, the US, and LatAm. Comparable in underlying wind/solar IPP activities but vastly larger scale and integrated within a global multi-utility.
• Ørsted A/S: Ørsted is the global leader in offshore wind with significant onshore wind and solar. Compares to Alerion only at the renewables IPP level; much larger and offshore-heavy, but a benchmark for European renewable capital costs and PPA structuring.

Regional players

• SSE Renewables: SSE Renewables is the UK and Ireland-focused renewable arm of SSE plc, developing and operating onshore wind, offshore wind, hydro, and pumped storage. Relevant to Alerion for its presence in Ireland (REFIT) and its 35 MW Welsh project area.

Emerging players

• ABO Wind AG: ABO Wind is a German wind and solar project developer with European operations including Italy and Romania. Comparable to Alerion in project development capability, geographic overlap, and customer base, but project-development-led rather than asset-owning IPP.

Others

• Vestas Wind Systems A/S: Vestas is the world's largest wind turbine manufacturer and a key supplier to Alerion (Milestone uses V105 turbines; Romanian 4.5 MW turbine deal). Ecosystem counterpart: as a turbine OEM and O&M partner, it underpins Alerion's growth but does not directly compete as an IPP.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/_Alerion_
• LinkedInlinkedin.com/company/alerion-clean-power
• Instagraminstagram.com/alerion_clean_power

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries7 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alerion Clean Power