What CVA Group does

CVA Group (Compagnia Valdostana delle Acques – Compagnie Valdôtaine des Eaux) is a state-owned Italian renewable energy holding company headquartered in Châtillon, Valle d'Aosta, and wholly owned by the Autonomous Region of Valle d'Aosta. Founded in 1995 around the regional government's acquisition of hydroelectric assets from Ilva and later Enel, the group operates 104 renewable energy plants totaling 1,267 MW of installed capacity across 13 Italian regions — 32-33 hydroelectric plants (936-938 MW, including 6 large dams and reservoirs), 9 wind farms (197 MW), and 63 photovoltaic plants (134 MW). Annual production is approximately 2.9 billion kWh, with 2024 output of 3,602 GWh displacing roughly 1.27 million tonnes of CO2eq.

The group is structured across the full electricity value chain through wholly-owned subsidiaries: CVA Energie S.r.l. (wholesale and retail electricity sales to ~68,000 customers and ~100,000 points of delivery, including the regulated-market Enerbaltea brand in Valle d'Aosta); Deval S.p.A. (regulated distribution concession serving 130,000+ consumers across 69 of 74 Aosta Valley municipalities via 4,100+ km of lines); CVA Eos S.r.l. (wind and solar project ownership and development); CVA Smart Energy S.r.l. (energy efficiency services, building retrofits, and Superbonus 110% paperwork management under energy performance contracts); Valdigne Energie S.r.l. (75%-owned run-of-river hydro); and Le Brasier S.r.l. (9.2 MW biomass district heating in Morgex). Multiple plants are Terna-authorized for dispatching, MRR market participation, and black-start services on the national grid.

The business model combines regulated distribution cash flow with merchant and corporate-PPA electricity sales. Consolidated 2024 revenue was €1,407 million (down from €1,658 million in 2023 due to electricity price normalization), EBITDA of €415 million (29.5% margin), and net income of €213 million, on a workforce of 952. Capital structure shows €575.8 million of net debt with investment-grade ratings (Moody's Baa2 stable, Fitch BBB+). The Industrial Strategic Plan 2025-2029 commits €1.2 billion to add 800 MW of wind and solar, targeting 2 GW total installed capacity by 2029, while a €236 million revamping program at Hône 2 and Valpelline hydroelectric plants extends the life of the core hydro fleet. New initiatives include the H2WAY2ZERO green hydrogen project (PNRR co-financed), CREALab long-duration storage, and agrivoltaic partnerships with Bonifiche Ferraresi.

Name

CVA Group

Legal name

CVA S.p.A. a socio unico (Compagnia Valdostana delle Acque – Compagnie Valdôitaine des Eaux)

Website

https://cvaspa.it

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

101–250 employees

Short description

CVA Group is an Italian state-owned renewable energy holding company wholly owned by the Autonomous Region of Valle d'Aosta, operating 104 hydroelectric, wind, and photovoltaic plants totaling 1,267 MW. It produces ~2.9 billion kWh annually, distributes electricity to 130,000+ consumers in Valle d'Aosta, and sells to ~68,000 retail and 1,480+ enterprise customers nationwide.

Ownership category

akta.pro rank

Product category

Renewable Energy Utility

NAICS

Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911)

akta.pro primary industry

Retail Supply + DER/Virtual Power Plant Bundles (Solar, Storage, DR) (EUAGABAI)

akta.pro secondary industries

Electric Distribution System Owners (Wires-Only Companies) (EUADABAI), Regulated Residential & SMB Retail Supply (Default/Standard Offer) (EUAGABAA)

Keywords

• Renewable energy generation
• Hydroelectric power production
• Electricity distribution services
• Energy efficiency solutions
• Wind and solar generation

Headquarters

HQ city

Aosta

HQ country

Italy

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Electricity Production and Sale: CVA Group generates electricity exclusively from renewable sources (hydroelectric, wind, photovoltaic) and sells it through its subsidiary CVA Energie to end customers across Italy. Production in 2024 was 3,602 GWh across 104 plants. Revenues from electricity sales across all Group companies totaled €1,407 million in 2024. The Group's 32 hydroelectric plants in Aosta Valley plus wind and solar plants produce approximately 2.9 billion kWh per year.
2. Electricity Distribution: Deval S.p.A., a wholly owned subsidiary, distributes electricity to over 130,000 consumers in 69 of 74 municipalities of Valle d'Aosta through more than 4,100 km of high, medium, and low voltage power lines. Distribution revenues are regulated under Italian electricity distribution framework.
3. Energy Efficiency Services: CVA Smart Energy manages all energy efficiency activities including renovation of residential buildings, accommodation facilities, and industrial complexes; maintenance of heating and electrical systems; co/trigeneration solutions; design of interventions; and management of paperwork to obtain tax incentives including Superbonus 110%. Operates through energy performance contracts (EPCs).
4. Regulated Market Services: Since January 2014, CVA Energie has been the official local operator for the Valle d'Aosta region for the Regulated Market service under the brand name Enerbaltea, serving approximately 68,000 customers and ~100,000 POD (points of delivery). Supplied 3,455 GWh in 2024.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels11 records

Core offering

CVA Group produces electricity exclusively from renewable sources — hydroelectric, wind, and photovoltaic — and operates a vertically integrated value chain including generation, distribution (via Deval S.p.A. in Valle d'Aosta), wholesale and retail sale (via CVA Energie S.r.l. and the Enerbaltea regulated-market brand), and energy efficiency services (via CVA Smart Energy S.r.l.). The group manages 104 plants totaling 1,267 MW of installed capacity, produces approximately 2.9 billion kWh per year, and serves approximately 68,000 electricity customers and 130,000 distribution consumers in Italy.

Product overview

CVA Group is an integrated renewable energy company operating exclusively on renewable sources (water, wind, and sun). The company operates across the entire energy value chain through its subsidiaries: CVA S.p.A. manages 31 hydroelectric plants as the parent company; CVA Energie S.r.l. handles electricity sales and wholesale; Deval S.p.A. manages electricity distribution in Aosta Valley; CVA Eos S.r.l. operates wind and photovoltaic plants; CVA Smart Energy S.r.l. provides energy efficiency services; and Valdigne Energie S.r.l. handles additional hydroelectric generation. The Group produces approximately 3 billion kWh annually through 32 hydroelectric plants (938 MW), 9 wind farms (197 MW), and 63 photovoltaic plants (134 MW), totaling 1,267 MW installed capacity. The H2WAY2ZERO project adds hydrogen production capabilities.

Differentiator

Problem solved

Functional benefit

Brands

• Enerbaltea: Regulated market service brand for Valle d'Aosta region operated by CVA Energie since January 2014.

Products and services

• Hydroelectric Power Plants 32 hydroelectric power plants operating in Aosta Valley with total installed capacity of approximately 938 MW, producing around 2.9 billion kWh annually. Includes run-of-river (19 plants), reservoir-based (9 plants), and storage plants (5 plants) under 6 large dams and reservoirs with associated penstocks and water conveyance channels exceeding 210 km. Serves as CVA Group's primary renewable generation asset and ranks among the top national hydroelectric producers in Italy.
• Wind Farms 9 wind farms located across 5 Italian regions (Valle d'Aosta, Tuscany, Lazio, Campania, and Puglia) with total installed capacity of 197 MW, producing approximately 320 million kWh annually. Includes the Saint-Denis wind farm, which received a new EWT DIRECTWIND 54X-HH59 turbine (1 MW) installed in June 2026, part of the H2WAY2ZERO project.
• Photovoltaic Plants 63 photovoltaic plants distributed across 11 Italian regions with total installed capacity of 134 MW, producing approximately 160,000 MWh annually. Includes ground-mounted, rooftop, agrivoltaic, and floating photovoltaic installations (e.g., Cava Toppetti and Arlena di Castro agrivoltaic plants inaugurated in 2025).
• Electricity Supply (CVA Energie S.r.l. / Enerbaltea) Wholesale and retail sale of 100% renewable electricity to approximately 68,000 customers (~100,000 POD) in Italy, with 3,455 GWh supplied in 2024. Serves both residential/self-employed customers via the Enerbaltea regulated market brand and 1,480+ business customers in banking, major retail, and industrial sectors via free-market and corporate PPA contracts.
• Electricity Distribution Services (Deval S.p.A.) Regulated electricity distribution serving over 130,000 consumers in 69 of 74 municipalities of Valle d'Aosta via more than 4,100 km of high, medium, and low voltage power lines, 20 HV/MV primary substations, and 1,677 MV/LV secondary substations, with 95%+ electronic metering coverage. Includes grid balancing, black start capability, and 24/7 on-call fault response.
• Energy Efficiency Services (CVA Smart Energy S.r.l.) Comprehensive energy efficiency services for residential buildings, accommodation facilities, and industrial complexes, including renovation works, heating and electrical system maintenance, co/trigeneration solutions, intervention design, and paperwork management for tax incentives such as Superbonus 110%. Delivered via Energy Performance Contracts (EPCs) with results-based pricing throughout Italy.
• H2WAY2ZERO Renewable Hydrogen Production Project Green hydrogen production project consisting of a 1 MW hydrogen production plant coupled with a 1.17 MW photovoltaic generation facility and a 1,175 MWh electrochemical storage system. Designed to produce up to 144 tons of hydrogen per year, supplying renewable hydrogen to industrial applications. Co-financed under the Italian National Recovery and Resilience Plan (PNRR).
• District Heating (Le Brasier S.r.l.) District heating service delivered through 3 biomass boilers totaling 9.2 MW of thermal capacity, serving 220 units and approximately 4,000 people in Morgex, Valle d'Aosta. Operated by Le Brasier S.r.l., a CVA Group subsidiary.
• Hydroelectric Plant Revamping (Hône 2 and Valpelline) Complete modernization of the Hône 2 and Valpelline hydroelectric power plants, replacing main components with advanced technologies to maximize performance, significantly increase productivity from the same water resources, and reduce operational losses. Total planned investment is €236 million (Hône 2: €156M; Valpelline: €80M), with Valpelline also part of the black start plan for the Italian 220 kV grid.

Quantifiable outcome

• Produces approximately 2.9 billion kWh of clean energy per year, avoiding ~1.27 million tonnes of CO₂eq emissions
• +5 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

15 partnerships are on record, tiered minor and core.

• Banca Popolare di Rivignano (BAPR)minorGTM or Marketing PartnerBAPR entered into an agreement with CVA Group to become 100% green, powered entirely by renewable energy from CVA Group's hydroelectric, wind, and solar plants.
• Bonifiche Ferraresi (BF)coreStrategic or Co-development PartnerAlliance between BF and CVA for agrivoltaic projects. BF (Bonifiche Ferraresi) is Italy's largest agricultural company and partnered with CVA to develop projects combining agricultural production with photovoltaic energy generation.
• La SportivaminorGTM or Marketing PartnerCVA sponsors the film 'Kimshung – La montagna del destino' together with La Sportiva. La Sportiva is an outdoor gear manufacturer based in Valle d'Aosta. The sponsorship supports the film's premiere event organized by CVA.
• Cogne Acciai SpecialiminorGTM or Marketing PartnerCVA Group signed the first Energy Release contract in Valle d'Aosta with Cogne Acciai Speciali, a major steel manufacturer in the region. The agreement enables energy sharing between the two industrial entities.
• Casinò de la ValléeminorGTM or Marketing PartnerCVA Smart Energy signed an energy efficiency agreement with Casinò de la Vallée, a major hospitality and entertainment venue in Saint-Vincent, Valle d'Aosta. CVA Smart Energy will provide energy efficiency solutions and sustainability improvements for the facility.
• Valdigne Energie S.r.l.coreOthersCVA controls 75% of Valdigne Energie S.r.l. with the remaining 25% owned by the municipality of Pré-Saint-Didier. Valdigne Energie operates 2 run-of-river hydroelectric plants (Faubourg and Torrent) along the Dora di La Thuile river, established in 2005 with municipalities of Pré-Saint-Didier, La Thuile, and Courmayeur.
• Téléchauffage Aoste S.r.l. (Telcha)minorStrategic or Co-development PartnerCVA Group holds a 10.98% stake in Telcha S.r.l., a company controlled by GDF Suez (now Engie). Telcha manages the district heating project for the city of Aosta, using state-of-the-art technologies for reducing heating energy and polluting emissions.
• Confindustria Valle d'AostaminorGTM or Marketing PartnerEnrico De Girolamo, General Manager of CVA, serves as Chairman of the Energy Category of Confindustria Valle d'Aosta. CVA Group is an active member of the regional employers' association.
• Elettricità FuturaminorGTM or Marketing PartnerEnrico De Girolamo, General Manager of CVA, serves as a Member of the Board of Directors of Elettricità Futura, Italy's main renewable energy association. CVA participates in industry advocacy through this membership.
• ElettrogammaminorOthersCVA Group subsidiary involved in electrical services and solutions. Part of the broader group ecosystem for electrical infrastructure.
• FenixminorOthersCVA Group subsidiary or affiliated company operating within the energy sector.
• REN 188, REN 207minorOthersSubsidiary companies within the CVA Group structure, operating renewable energy projects. Mentioned in privacy notices and group company documentation.
• Agreen EnergyminorOthersCVA Group has an equity stake in Agreen Energy S.r.l., which received a capital increase from CVA Group. Agreen Energy operates in the renewable energy sector.
• Agro Solar IIminorOthersCVA Group subsidiary company operating photovoltaic projects. Mentioned in group privacy notices and company structure documentation.
• Le Brasier S.r.l.minorOthersEstablished in 1997, Le Brasier S.r.l. operates the district heating plant in Morgex, consisting of 3 biomass boilers with 9.2 MW capacity, serving 220 units and approximately 4,000 people. CVA Group subsidiary.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• A2A: Italian multi-utility active in electricity generation (including renewables), distribution, and retail; a national-scale competitor to CVA Energie in the free market and a similarly regulated DSO in its home territory.
• Enel: Italy's dominant integrated utility and largest renewable operator globally; competes with CVA across the entire value chain — generation, distribution, and free-market retail supply — at vastly greater scale.
• Iren: Large Italian multi-utility (electricity, gas, water, waste) with significant renewable generation and regulated distribution concessions — overlaps with CVA's distribution and retail supply but at much larger scale and across multiple regions.
• Edison: EDF-owned Italian energy operator with generation (including renewables), gas, and B2B/B2C electricity sales; a direct free-market competitor to CVA Energie for industrial and retail customers in Italy.
• Hera: Multi-utility serving Emilia-Romagna and surrounding regions with electricity (generation, distribution, sales) plus gas, water, and waste — comparable to CVA on regulated electricity distribution and integrated retail supply, but at larger diversified scale.

Direct peers

• Alperia: South Tyrol-based integrated renewable utility (hydroelectric-led, with sales, district heating, and grid services) owned by the local province — essentially the same vertically integrated, regionally owned, 100%-renewable model CVA operates in Valle d'Aosta.
• Dolomiti Energia: Trentino-based integrated energy group with hydroelectric generation, distribution, retail supply, and district heating, partly owned by municipalities — directly comparable to CVA's vertically integrated regional utility structure in neighboring Trentino-Alto Adige.
• ERG: Italy's largest pure-play renewable energy operator (wind, solar, hydro), active in generation and wholesale. Comparable to CVA on the renewable-generation business model, though ERG is generation-only without distribution or retail supply.

Emerging players

• Renergetica: Italian renewable energy developer and asset manager; an existing CVA partner on renewable projects. Comparable as a developer of utility-scale wind and solar in Italy, though much smaller and focused on development services.
• Asja Ambiente: Italian group active in renewable generation (wind, biomass, biogas) and energy efficiency — overlapping with CVA's generation portfolio and Smart Energy services, but without distribution or retail supply.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Gruppo_CVA
• YouTubeyoutube.com/user/gruppocva
• Facebookfacebook.com/gruppoCVA
• LinkedInlinkedin.com/company/530565
• Instagraminstagram.com/gruppo_cva

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about CVA Group