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TerniEnergia is active in the energies from renewable sources business, particularly in the photovoltaic segment, where it operates as a system integrator. The Issuer, through a business model that provides for the integration and control of the entire process (marketing, design, installation and maintenance of systems) offers systems on a “turnkey” basis. Starting in 2007, the Company, through investees, added to the system integrator activity the production of electrical energy through the conversion of solar energy. The photovoltaic systems built by the Issuers generally have a power rating above 20 kWp. TerniEnergia mainly targets nationwide industrial groups, municipal or national electrical companies, and local authorities. As of March 31, 2008, TerniEnergia had completed 76 photovoltaic systems for a total installed power of approximately 6,037 kWp, emerging as one of Italy’s leading operators, characterized by significant knowledge and experience within the industry. The Company manages all the phases of the process including the installation and commissioning of the photovoltaic system, passing through site identification, marketing, project development and system construction, and the remote control and maintenance phases. The development of the solar sector was given considerable and decisive momentum as a result of the promulgation of the Ministerial Decree on July 28, 2005, and in particular of the Ministerial Decree on February 18, 2007, which introduced in the Italian law an incentive scheme for the production of electrical energy from photovoltaic systems (the so-called Conto Energia, i.e. Energy Account, and Nuovo Conto Energia, i.e. New Energy Account).

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