The shouting hall is empty. The whirlwind of screams and gestures has long ago stopped shaking Palazzo Mezzanotte. Always, ever since the markets of the Industrial Revolution began to exist, the heart of Milan has been here, in Piazza degli Affari. In the headquarters that once belonged to the great families, from the Agnelli to the Pirellis, from the Ferraris to the Falcks, others are now in charge. The stock exchange is always the Italian one, bits and orders, funds and shares, however, move without the need for a passport. The blurred boundary between high finance and the shopping streets shakes, as never before, with the voracious advance of endless billionaire funds, Americans and beyond. All landed in the land of Italy to “attack” decisive and lavishly tempting sectors, very often fully funded by public resources, once taken from the infinite state debt fund, another coming directly from the NRP, those 209 billion in a European sauce to spend and spread without wasting too much time, with an eye turned directly to big finance.
An indecipherable world, specially coded to remain in the shadows, to keep the Palace games away from prying eyes. Only a few know what really happens in the vaults of this stock exchange, while many, on the other hand, know absolutely nothing. It happens, for example, that a stock, the value of a listed company, which has been in depression for months, can suddenly rediscover the peaks of surprising and sometimes inexplicable prices. Growth or decrease is not stuff for sorcerers or magicians, here we measure scenarios, analyze trends and read the cards, the ones that every stock market operator must deposit in the files of financial takeovers. Acts most often encrypted, functional only to that stock market that knows how to read them.
Sell or buy
After all, it does not take a crystal ball to guess the fact that the leading titles, the historical ones, linked to the world of energy, are the most “attentive” to the digital “screams” ready to intercept every slightest jolt. For them it is a moment to collapse, a hiss of wind to take off. Never before has Sardinia, that of the wind at sea, been the object of the most daring attentions of the major world financial funds as this time. At stake are the projects on the Sardinian coasts to be defaced by wind turbines placed without a future in the heart of the Golfo degli Angeli or even in the rich Costa Smeralda. They are stock market analysts who bring together projects, government strategies and global interests. Their task is clear: to translate that set of factors into two macro variables: “sell” or “buy”. Sometimes, however, it is a question of “subordinating” the choice to other elements that are completely outside the world of finance, trespassing, in the parliamentary halls, to the heart of the government, in the enclave of Palazzo Chigi.
Palaces of Rome
When finance lands in the “Palazzi” of Rome, the factors of production are no longer analyzed, the founding elements of a productive enterprise take a step back to trespass, shamelessly, into the logic of state incentives. For months, the observers of Piazza degli Affari have been exchanging precise and confidential dossiers, punctual and limited, on what is happening in the twilight of the great “binge” of renewable energy. The mantra that animates the country system is only one: to immediately spend that infinite mountain of money from the NRP, which in Italy translates into a National Recovery and Resilience Plan. A program divided into six missions, one of which is gigantic: Green revolution and ecological transition.
24 billion cake
The biggest slice is that dedicated to renewable energies: the allocation is 23.78 billion euros. It is in this operation that one of the key steps in world finance is hidden. We have revealed it in recent days: the largest American investment bank, JPMorgan, has turned its antennas towards Italy, especially on the wind and the sea of Sardinia. We recalled documents and deadlines, a star-and-stripe action plan to conquer the most delicate dossier: the invasion of the Gulf of Angels, a project that in recent days we have revealed in every detail, with the addition of the one at an advanced stage from present none other than in the waters of the Costa Smeralda. A real assault on the Sardinian sea to be scored with an unprecedented financial blitz. The operation is scheduled for Thursday 24 February.
Technically it is called “closing”, that is the final signature on the operation. It will be signed by the CEOs of Falck Renewables, the company that owns the invasion project of the Sardinian sea, and the Infrastructure Investiments Fund, the investment fund of JPMorgan, the largest American investment bank. The agreement is prepared in every single detail, from the technical to the financial one. There is an agreement on everything, including the sale price of 60% of Falck Renewables, a renewable energy company created by one of the most powerful Italian families, Falck, already the undisputed dominus of steel. In the documents sent to Piazza Affari, however, there is a “secret” clause that weighs on the entire operation like a boulder. The deeds of sale of 60% of the Italian company by the American Bank, through its investment fund, are “burdened” by a provision that triggers a thousand questions.
In the note announcing the operation there is a passage circumscribed in two lines, which we report in its entirety in the central photo, which reads: “It is expected that the completion of the operation, which is subject to obtaining the relevant authorizations, regulations and of another type, is finalized in the first quarter of 2022 (the “Closing”) ». In a few lines, an admission and a confession that cannot go unnoticed. On the one hand, a financial transaction “subordinated” to authorizations defined first as “relevant” and then “regulatory and other” emerges and, on the other hand, explicit reference is made to the “closing” “finalized in the first quarter of 2022 “.
Closing in 4 days
This is a key step considering that the signing of the closing in four days has just been announced. It is clear that between now and Thursday those “relevant authorizations” will be issued, given the peremptory clause that makes the final signature conditional on obtaining those go-ahead. What do the gentlemen of Falck Renewables and the men of JP Morgan mean by “relevant authorizations”?
It is no secret that in these days, perhaps just before the 24th, the date set for the American takeover, the President of the Council of Ministers, Mario Draghi, will sign the decree of commissioner of Sardinia, effectively giving the green light to the operation more nefarious history of regional autonomy with a drop of choices and decisions that risk compromising forever the environmental and landscape heritage of the island. A decree that will not need scrutiny by the government and even less by parliament. It is, in fact, a second level administrative provision, in implementation of a law, the decree 76/2020, which delegates to a Prime Ministerial Decree (Presidential Council of Ministers Decree), one of those much contested in a pandemic period.
Now, ironically, that act is signed by the number one of Palazzo Chigi with the explicit intention of infesting the Nuraghi Island, from the hinterland to the sea, with gigantic wind turbines and endless expanses of silicon panels intended to collect the sun of Sardinia and then export it, together with the wind, to the Italian “Continent”. A “neo-colonial” decree that will not only leave nothing in Sardinia, but will give life to the great economic and financial speculations, starting with the use of funds Europeans of the PNRR, on land and sea of Sardinia. In the text of the Dpcm, in fact, the main clause is paragraph 3 of article one of the provision that lies at the signature of the former European banker who became prime minister of Italy. The formula is explicit: “The interventions and works identified in article two constitute interventions of public utility, cannot be postponed and urgent”. In practice , military manu for the implementation of all the interventions provided for in the decree. And it is no coincidence that the first point of the projects indicated in the text of the decree is precisely “the creation of a new generation capacity from renewable sources”.
Public and private affairs
Translated it means that Draghi intends to make, by decree, sea and land wind turbines, together with photovoltaic expanses in the agricultural areas of Sardinia, works of public utility, when, on the other hand, they will have no public interest. They will certainly not have any for the island, given that the same decree provides for the construction by Terna of a cable-leash to transfer the wind and solar energy produced in Sardinia directly to Sicily and Campania, at the service of the Continent. And that those blades will not be of any public interest can be seen from that document deposited by Falck Renawebles on the Milan Stock Exchange.
“Strong cash flow”
Just pick up the confidential financial reports of JPMorgan to understand what lies behind the great invasion of the Nuraghi Island. Explosive documents that “confess” and “disavow”. On the one hand they are a blatant “confession” of the earnings in full hands in the wind operation in Sardinia and on the other an evident “disavowal” of the public interest evoked by the decree that Draghi is about to sign. The Americans write and explain: the renewable energy operation has an “Ebitda”, that is the ability of the investment to make money, equal to more than 50%. In short, you spend little and earn a lot. No financial return compares to a lot of money you make. There is more, though. The US bank on wind power earnings writes: “Strong cash flow generation”, or strong capacity to generate money. And to think that the government would like to pass off that plan for a public interest in the service of the Sardinians.
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