On February 1, Italy-based AFV Beltrame Group, one of the leading European steel groups, announced its acquisition of Idroelettriche Riunite S.p.A., an Italian company active in renewable energy production for over a century. This operation marks a significant step forward in the investment journey undertaken by the Vicenza-based group to develop its decarbonization plan initiated in 2022, and to respond more concretely to the sustainable development goals of the UN Agenda 2030.
With the acquisition of Idroelettriche Riunite, the steel group becomes the owner of 12 hydroelectric plants distributed between Veneto and Piedmont. These plants, managed from January 2024, are in 10 different locations and are making a significant contribution to renewable energy production.
“The goal of AFV Beltrame Group to accelerate sustainability is a broad project that engages us on multiple fronts,” explained Raffaele Ruella, managing director of AFV Beltrame Group. “With the acquisition and incorporation of Idroelettriche Riunite, we strengthen the rigorous strategy for reducing CO2 emissions that we have structured, through the supply of energy from renewable sources. [...] It is important to note that the energy produced by the 12 hydroelectric plants will not be sold on the market for speculative purposes but will be self-consumed at our group’s production sites.”