Fenice

What Fenice does

Fenice Invest SRL (now FENICE SPA SOC.BENEFIT) is an Italian independent investment company founded in 2002 in Mercato Saraceno (Emilia-Romagna) that has pivoted from real estate to renewable energy. It develops, acquires, and operates a diversified portfolio of small-to-medium renewable energy plants — photovoltaic, mini-wind, hydroelectric, and biomass with district heating — with capacities ranging from 40 kWp to 999 kWp, housed across nine SPVs in Emilia-Romagna and Tuscany. Revenue is anchored by long-dated Italian Feed-in Tariff contracts (20-year terms with ~15 years remaining on average) that deliver predictable, government-backed cash flows and have historically generated a 22% IRR for investors.

The company's core offerings to investors are bonds (Obbligazioni), convertible bonds, reserved capital increases, co-investment in plant authorizations, and crowdfunding campaigns distributed through platforms such as We Are Starting and Ener2crowd. Beyond plant ownership, Fenice operates the Ecobonus in Rete subsidiary, which intermediates Italy's 110% energy-efficiency tax deduction scheme, and has incubated adjacent businesses covering smart home automation, app services, R&D, and eco-products. All authorizations are self-developed by a small in-house team (3 employees) supported by a 7-member Board and a Board of Statutory Auditors, giving Fenice direct control over feasibility, financing, and project lifecycle.

Fenice's go-to-market is hybrid: a sales-led motion targeting sophisticated investors excluded from large PE fund minimums, combined with community/crowdfunding-led outreach to retail investors. Pricing and minimums are quote-based and not publicly disclosed. The company has no parent, has issued one bond loan (2016) and one crowdfunding round (2022), and has made two principal acquisitions (33 srl in 2010 and CGS Energia srl in 2016) to build its current asset base.

Name

Fenice

Legal name

FENICE INVEST SRL

Website

https://feniceinvest.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

1–10 employees

Short description

Fenice Invest is an Italian independent investment company (founded 2002, Mercato Saraceno) that develops and operates a diversified portfolio of small-to-medium renewable energy plants — photovoltaic, mini-wind, hydroelectric, and biomass — funded by retail and sophisticated investors through bonds, crowdfunding, and co-investment vehicles.

Ownership category

akta.pro rank

Product category

Renewable Energy Investment

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Finance Services (6199)

akta.pro primary industry

Green, Social & Sustainability Bonds (GSS/SLB Fixed Income Strategies) (FSAAALAF)

Keywords

• Renewable energy investment
• Photovoltaic plant management
• Hydroelectric power generation
• Green energy bonds
• Biomass district heating

Headquarters

HQ city

Faenza

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Feed-in Tariff Revenue: Revenue from energy production under 20-year Feed-in Tariff contracts (current portfolio average remaining duration: 15 years). Diversified across biomass, photovoltaic, mini-wind, and hydroelectric technologies.
2. Capital Appreciation: Long-term capital appreciation through development and sale of plants, buyback of shares and bonds, and reinvestment of profits and cash flows from portfolio companies.
3. Ecobonus Services: Through Ecobonus in Rete subsidiary, offers 110% tax deduction opportunities for energy efficiency improvements.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Fenice is an independent Italian investment company that develops and manages a portfolio of small-to-medium renewable energy plants (photovoltaic, mini-wind, biomass with district heating, and hydroelectric) and offers individual and institutional investors access to these assets via bonds, convertible bonds, co-investment opportunities, reserved capital increases, and crowdfunding campaigns. The company self-develops plant authorizations through proprietary SPV structures and finances them through both bond issuances and 20-year Feed-in Tariff contracts, while operating an Ecobonus in Rete subsidiary providing 110% tax deduction services for energy efficiency upgrades.

Product overview

Fenice Invest is a renewable energy investment company structured as an investment company offering multiple financial products and services. The core offering consists of investment products including bonds (Obbligazioni), convertible bonds (Obbligazioni Convertibili), co-investment opportunities, reserved capital increases, and crowdfunding for renewable energy projects. The company manages a portfolio of 13 renewable energy plants (photovoltaic, mini-wind, hydroelectric, and biomass) across 9 SPVs. The ECOBONUS IN RETE service provides access to 110% tax deductions for energy efficiency upgrades. Plants are either self-developed or acquired on the secondary market, with power capacities ranging from 40 kWp to 999 kWp.

Differentiator

Problem solved

Functional benefit

Products and services

• Obbligazioni (Bonds)
• Obbligazioni Convertibili (Convertible Bonds)
• Co-investimento in Opportunità (Co-investment Opportunities)
• Aumenti di Capitale Riservato (Reserved Capital Increases)
• Ecobonus in Rete

Quantifiable outcome

• 22% IRR achieved historically
• +2 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

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• We Are StartingcoreChannel Partner/ Reseller/ DistributorCrowdfunding platform hosting Fenice investment offerings. Campaign example: fenice2 offering visible on their platform.
• CurtisminorOthersExternal professional partner providing specialized expertise and competencies.
• AEGAminorOthersExternal professional partner in the network of excellence.
• AssitecaminorOthersExternal professional partner providing specialized expertise.
• Opstart SrlminorOthersExternal professional partner in the network.
• Studio AgriserviceminorOthersAgricultural services partner providing specialized expertise for biomass and agricultural renewable energy projects.

Scale indicators7 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Renergetica S.p.A. Italian independent renewable energy developer and IPP with a portfolio of utility-scale solar plants and project management services. Highly comparable because both are independent Italian renewable energy platforms targeting small-to-mid scale assets with multi-technology exposure.
• Alerion Clean Power S.p.A. Italian wind and renewable energy operator with an installed wind/solar portfolio across Italy. Comparable as a listed Italian clean energy vehicle investing in renewable assets for long-term returns, with similar geographic concentration in Italy.
• Tages Capital SGR: Italian asset manager that structures alternative investment funds in infrastructure, energy, and sustainability. Comparable because both raise capital for Italian renewable energy projects and serve investors seeking market-decoupled, long-duration returns.
• Green Arrow Capital SGR: Italian independent asset manager with dedicated energy infrastructure and private debt strategies. Comparable as an Italian ESG-oriented fund manager deploying capital into Italian renewable infrastructure on behalf of wholesale and retail investors.
• Capital Stage AG: German-listed operator and acquirer of solar and wind plants across Europe, raising capital via bonds and equity to fund small-to-mid asset purchases. Comparable because of the SPV-based renewables ownership model, bond issuance for retail investors, and roll-up acquisition strategy across multiple European renewable technologies.

Emerging players

• Etica Sgr (Etica Funds - Gruppo Banca Etica): Italian asset manager running mutual funds and impact-investment products screened on ESG criteria. Comparable as an Italian sustainable-investment vehicle that channels retail capital into responsible real-economy assets, though focused on listed funds rather than direct plant ownership.

Broad incumbents

• Encavis AG: European renewable energy IPP/income fund operator with a large multi-technology portfolio across wind, solar, and battery assets. Comparable as a scale-up operator pursuing long-term contracted cash flows from renewable assets, but at significantly larger scale and with public-market access.
• Sonnedix Power S.r.l. Pan-European solar IPP holding large operating PV portfolios across Italy and other markets. Comparable as a long-term renewables owner with an Italian footprint; relevant as a strategic exit-acquirer for Fenice-style mid-scale PV assets.
• ERG S.p.A. (formerly ERG Renew): Italian-listed energy company that acquired Falck Renewables to become a major wind/solar operator in Italy. Comparable as a large incumbent acquirer of Italian renewable assets including wind, solar, and hydroelectric plants, offering a potential roll-up exit for Fenice's small-plant portfolio.
• Eni Plenitude S.p.A. Eni SpA's retail/renewables subsidiary operating renewables and energy services across Italy and Europe. Comparable as a large incumbent deploying capital into Italian distributed renewable generation and green-adjacent consumer services such as efficiency bonuses.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/feniceinvest
• LinkedInlinkedin.com/company/feniceinvest

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries21 records

Funding overview

Funding rounds

Investors

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 Fenice