Marketing, design, installation, remote control and maintenance of industrial photovoltaic systems
The Issuer markets, designs and installs photovoltaic systems with power rating generally above 20 kWp, connected in parallel to the public grid (so-called grid connected). As of March 31, 2008, the Issuer had built 76 photovoltaic systems, for a total installed power of about 6,037 kWp. As of May 30, 2008, the Issuer acquired a job order portfolio for a total power about 10.0 MWp of which 2.9 Mwp ordered by SolarEnergy. In management’s opinion, revenue distribution by type of customer does not entail a significant level of concentration. The Issuer operates in the solar energy industry, modulating its activity in such a way as to control the entire operating process aimed at marketing, designing, installing, remote controlling and maintaining photovoltaic systems. The Company offers a “turnkey” contract to its customers.

Production of electrical energy through conversion of sunlight
Since 2007, the Issuer complemented the marketing, design, installation of photovoltaic systems on third parties’ behalf, described above, with the production of electrical energy through the marketing, design, installation of photovoltaic systems in favor of affiliated companies. In particular, the Issuer selects sites potentially suitable for the installation of a photovoltaic system both after being notified by land owners who contact the Company, and through searches conducted by its own employees or consultants throughout the territory and experts of the site’s characteristics. Once the site is identified, the design office carries out a preliminary feasibility study of the plant and starts to prepare the preliminary design of the system. At the same time, the administrative assistance office (i) makes an agreement with the land owners, to legally obtain access to the land (in particular, by signing a property rights agreement); (ii) prepares the documentation needed to obtain the administrative authorizations necessary to build the system; and (iii) starts the related administrative processes before the competent authorities and contacts the grid operator for the connection. Once the design is developed, the Issuer transfers it to affiliated companies, which execute contracts with the Issuer to build, operate and maintain the photovoltaic system. After the photovoltaic system is built, the same companies - owners of the system - will produce electrical energy through the conversion of sunlight and will execute with the GSE contracts for the sale of the energy thus produced. As of the Date of the Prospectus, TerniEnergia entered into two industrial agreements, with EDF Italia, with which it incorporated the joint venture SolarEnergy, and Valle d’Aosta Energie respectively, with which it incorporated the joint venture EnergiaAlternativa.