London, 4 February 2025 – Arcus Infrastructure Partners (“Arcus”) is pleased to announce the acquisition of a majority interest in Powering S.r.l (“Powering” or the “Company”), a leading power leasing business in Italy. The acquisition of Powering represents the seventh investment by Arcus European Infrastructure Fund 3 SCSp (“AEIF3”)
Established in 2011, Powering provides power solutions to critical grid and industrial operations and owns an extensive fleet of c.1,500 generators, operating through a network of over 55 depots across Italy. The Company uses a fully integrated business model which includes outright ownership of its generators, specialist in-house dispatch and refuelling capabilities, and proprietary IT systems. Powering’s network across Italy, and its fully integrated model, mean the Company is the only business in this sector in Italy capable of contractually committing to a two-hour call-out time. This has allowed Powering to secure 90% of its revenues under multi-year framework agreements with blue-chip Italian utilities and network maintenance operators, for whom the Company provides power during emergencies and regular grid maintenance works.
The Company provides an essential service and significant societal benefit to communities and industry in Italy. As a result of the rapid deployment times of generators such as those offered by Powering, the average duration of long unplanned grid interruptions has been reduced from 110 minutes in 2015 to 65 minutes in 2022.
Powering also plays a vital role in Italy’s energy transition, specifically with the trend towards greater electrification. The availability of a substantial and wide-ranging generator fleet, such as Powering’s, enables network operators to reinforce and upgrade grid infrastructure to support electrification as well as accommodating more decentralised renewable energy generation on the grid. Generator leasing also enables industry to drive the electrification of industrial processes as backup and emergency solutions are available to reduce production downtime risk.
Under the ownership of AEIF3, there is a significant opportunity for Arcus to help improve the carbon emissions footprint of the Company. This includes the upgrade to more efficient generators, the offering of HVO fuel to customers, and the piloting of hybrid and hydrogen generators.
Stefano Brugnolo, Partner and Head of Energy at Arcus, commented: “After several years of researching the European energy leasing market, Powering stood out as a strong fit for AEIF3’s investment strategy thanks to its fully integrated business model and robust infrastructure characteristics.
The company’s role in delivering critical energy solutions to communities and industries resonates deeply with our commitment to investments that drive both economic growth and positive societal impact. We see clear opportunities to further enhance Powering’s business potential and sustainability credentials through targeted asset management initiatives, a core pillar of our investment strategy.
We look forward to partnering with the Giancano family and Powering’s management team as we work together to unlock the next phase of growth for this dynamic business.”
Piero Giancano, Founder and CEO of Powering, added: “Partnering with Arcus marks a key milestone in Powering’s journey. Building this business from the ground up has been an incredible experience, and I am excited to work alongside an experienced institutional partner who shares our vision for growth and has the infrastructure expertise to help us take the company to the next level.”
Arcus was advised by Gianni & Origoni (Legal), Bain (Commercial), Houlihan Lokey (Debt Advisory) PwC (Financial, Tax & Structuring), Afry (Technical), and Aon (Insurance).
About Arcus
Arcus Infrastructure Partners is an independent fund manager focused solely on long-term investments in European infrastructure. Arcus invests on behalf of institutional investors through discretionary funds and specialist co-investment vehicles and, through its subsidiaries, currently manages investments with an aggregate enterprise value of c. €24bn (as at 30 September 2024). Arcus targets mid-market, value-add infrastructure investments, with a particular focus on businesses in the digital, transport, logistics & industrials, and energy sectors. Further information on Arcus Infrastructure Partners can be found on www.arcusip.com.
About Powering
Powering S.r.l. was established in 2011 and is the number one power leasing business in Italy providing power solutions primarily in the form of grid support to utilities (which include DSOs and grid maintenance companies), as well as, to a lesser degree, commercial and industrial clients (“C&I”). Powering has experienced consistent strong growth since its inception in 2011, becoming the market leader in its core end-market. Further information on Powering can be found on https://www.poweringsrl.it/
