2005 - 2006 - Pinsent Masons Water Yearbook 2012

ITALY PART 3 (i): COMPANY AN/ALYSIS: MAJOR PLAYERS
Sale of Acqua Italia to Amga
In November 1999, ACEA set up Aqua Italia SpA (AI), a 67:33 venture with Impreligio SpA. In 2000,
AI acquired majority stakes in Acquedotto de Ferrari Galliera (ADF, 67%) and Acquedotto Nicolay
(AN, 53%), two of the three listed water companies in Italy prior to the emergence of the municipal
multi-utilities. Both companies serve the city of Genoa (see their respective company entries). ACEA
has also acquired 3.7% of Amga's (see relevant company entry) equity. All three companies provide
water services to the city of Genoa. In July 2005, ACEA sold its stake in Acqua Italia to Amga SpA
for €61 million and the assumption of €10 million in debt. Acqua Italia had revenues of €20 million in
2004, and a net income of €3 million.
International activities
In July 2004, ACEA announced that while it would retain its existing water activities, it would not be
seeking new international contracts.
Albania
2001 Tirana Acque 4 year management 650,000 water
Amga and ACEA both hold 32% of Tirana Acque, an Italian consortium developed to take advantage
of bilateral agreements between Italy and Albania. The contract is worth €10.5 million. The longerterm
aim is to be involved in the privatisation of Greater Tirana Water Supply and Sewerage.
Armenia
1999 Yerevan O&M 900,000 water management
This is the first major international water contract to be gained by an Italian company. ACEA bid for
the contract in partnership (55%) with Lotti & Associati (25%) and WRc (20%), two Italian engineering
companies. ACEA beat VE, Suez and BWB in gaining the four year, US$4.5 million per annum
contract, which was awarded in December 1999.
Honduras
2000 San Pedro 30 year concession 495,000 water & sewerage
The concession was awarded to Aguas de San Pedro in August 2000 and entered service in
February 2001, with ACEA holding 31% of the consortium’s equity. Service targets are for 100%
water coverage in three years and 100% sewerage coverage within five. US$135 million of
investment is planned during the life of the concession.
Peru
2000 Cono Norte 27 year concession 800,000 water
ACEA (45%) teamed with Impregilo SpA (40%), Fisia Utalimianti SpA (5%) and Castalia & Cosapi SA
(10%) of Peru for the Cono Norte concession that was awarded to Agua Azul SA in January 2000.
After two years constructing a new water treatment works for US$50 million, the operating contract
runs for 25 years. Cono Norte is part of the city of Rio Chillon. Its population is currently 750,000 but
is expected to rise to 2 million by the end of the concession. The concession involves the supply of
44 million m 3 of water per annum at S2.8 million (US$0.8 million) per month and involves US$80
million in capital spending.
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Pinsent Masons Water Yearbook 2005 – 2006