CVA's history is more than 20 years long. It is a path studded with decisive choices, combined with an inseparable combination of nature and technology and the dedication of its people. 

In 1995, Valle d'Aosta acquired three hydroelectric power plants owned by ILVA Centrali Elettriche. The company was established six years earlier to manage the hydroelectric assets serving Cogne Acciai Speciali. After a long and complex negotiation between the local government and the ILVA Group, through a specific mandate to the financial company Finaosta, the region comes into possession of three hydroelectric power plants - Verrès, Champagne 2 and Lillaz - as well as land and buildings belonging to the Aosta steel plant.

The Issime hydroelectric power plant, previously owned by the region and, even earlier, by the ILLSA Viola Group of Pont-Saint-Martin, also active in the Aosta Valley steel industry, was also acquired in 1997.In 1999, the regional administration presented Enel with the hypothesis of acquiring 50 percent of the plants throughout the territory (18 along the waterways of the side valleys and 8 along the Dora Baltea). 

The proposal was accepted and a lengthy negotiation began, ending on 19 April 2000 with the signing of the framework agreement. The document is of historical significance: Valle d'Aosta becomes the first Italian region to secure entirely local water management and hydroelectric production. The Group's headquarters is established in Châtillon and its name changes, adding the acronym C.V.A. S.p.A. – Compagnia Valdostana delle Acque – Compagnie Valdôtaine des Eaux.
On the 1st of June 2001, the process of acquiring the entire Enel infrastructure was completed and CVA officially began to be the most important producer of hydroelectric power in the Aosta Valley.