Italian inverter manufacturer Enertronica Santerno is set to resume production after Italian renewable energy developer LEA Renergy acquired its assets at auction for approximately €6 million ($6.8 million). The company’s manufacturing operations are based in Castel Guelfo, near Bologna, in northern Italy.
Santerno traces its roots back more than half a century in Italian power electronics and built an international business spanning industrial automation and photovoltaic inverters. Enertronica acquired a controlling stake in the company in 2016 and later integrated it as Enertronica Santerno. With 6.8 GW of capacity installed worldwide and branches in Brazil, Chile, Spain and South Africa, the manufacturer established a significant global footprint before financial difficulties pushed it into judicial liquidation in October 2025. Its acquisition by Lea Renergy in 2026 has now opened a new chapter for the Santerno brand.
Restarting the factory in Castel Guelfo di Bologna and restoring the Santerno brand to “where it belongs” are the goals that Luigi Marziale, CEO of LEA Renergy, has set for the inverter manufacturer. “The acquisition was financed through a bond issue,” Marziale told pv magazine. He ruled out further bank financing for now, citing the scale of the investment already made, but said the company remains open to incentive programs, particularly those supporting Made-in-Italy and Made-in-EU products.
Marziale described LEA Renergy as the only company in the sector with both horizontal and vertical value chains under one roof. Their operations span equipment design and manufacturing, testing, commissioning, engineering, procurement and construction (EPC), and operations and maintenance (O&M).
Santerno’s product portfolio includes central inverters rated at up to 1.8 MW and power conversion systems (PCS) for energy storage in 2 MW, 2.2 MW and 2.4 MW sizes. The units can operate as PCS for battery energy storage systems (BESS) or as PV inverters. “It is like creating a 4.8 MW skid with two units,” Marziale said.
Santerno does not intend to compete directly with major international battery suppliers such as LG, Tesla and Huawei. Instead, it aims to add value through its PCS technology and target the system integration market.
“The customer selects the battery, and we interface it with our equipment to manage the entire system,” Marziale said.
Production is already underway, with annual capacity of approximately 1 GW. Marziale said the main bottleneck is testing, as each unit must operate at full power for eight to 24 hours across around eight test stations.
“With two shifts, we can produce nearly 1 GW per year,” he said.
Operations are divided among three facilities in Dozza, also near Bologna, and Castel Guelfo. One produces conversion cabins, another houses the inverter line and testing area, and the third handles construction activities. Mechanical assembly is outsourced to contractors in the Bologna area, while Santerno retains equipment testing, motherboard installation, electrical-panel checks, design and laboratory testing in-house.
Marziale acknowledged that Santerno must import some components because insulated-gate bipolar transistors (IGBTs) and capacitors are no longer manufactured in Europe.
“Most of our imported components come from Japan, and we buy very little from China,” he said.
The company does not source from India or South Korea, while some components are supplied by Italian manufacturers, including Ducati Energia. Marziale said this supply-chain structure could allow the group to benefit from Made-in-EU criteria.
“We will be one of the few inverter manufacturers able to claim both Made-in-Europe and Made-in-Italy status,” he said. “We already have the required certifications and, to date, we are the only company on the market that can say it is ready.”
Santerno and LEA Renergy bring different strengths to the combined business. Santerno has built a global installed base of 6.8 GW, while LEA Renergy has constructed approximately 900 MW of PV, agrivoltaic and utility-scale capacity in Italy.
The integration is also intended to support the group’s international expansion by leveraging Santerno’s established subsidiaries in Chile, Brazil, Spain and South Africa.
“We already have a significant installed base in these markets, which gives us the advantage of a strong track record,” Marziale said.
The business plan presented to banks forecasts revenue of €23 million in 2026, rising to €38 million by 2030. The company’s stated target, however, is approximately €40 million in consolidated revenue.
“If we receive meaningful support through Made-in-Europe initiatives, the figures could be much higher,” Marziale said.
The plan covers four business areas: industrial automation, after-sales services, construction and what the company calls “outsider” opportunities. Santerno expects industrial automation to generate €8 million, with a focus on customized products.
“Customization enables us to differentiate ourselves from larger groups, which generally do not target this segment,” Marziale said. “It is a niche market where we can make a difference.”
The company expects after-sales services to contribute another €8 million. Marziale described the target as conservative, noting that Santerno generated €13.3 million in annual after-sales revenue during its strongest years.
Construction is expected to generate €20 million, bringing projected consolidated revenue from the three core business areas to approximately €36 million. The remaining €4 million would come from additional opportunities, including inverters for PV and battery energy storage systems (BESS).
Santerno expects energy storage to become a key growth driver from 2028.
“We expect Italy’s energy market to become increasingly tied to storage from 2028,” Marziale said. “That will enable us to make a significant step forward in production volumes and market demand.”
He added that service will be central to the company’s strategy for competing with Asian manufacturers in Europe.
“They are strong in sales, but what happens afterward is often a gray area,” Marziale said. “We aim to improve our after-sales services and capitalize on Santerno’s installed base worldwide.”
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