Acciona ESCO, S.L. and eeef join forces to implement a smart city ambition for Gijón

Since 2015, the municipal y authorities of Gijón have been working towards a smart city ambition that would result in an innovative and intelligent city with smart-buildings, smart-lighting, integrated IoT and a city platform to monitor and optimize resources. The impact of this ambition should be felt through couple of decades.

In 2017 Gijón joined Technical Assistance Programme of eeef to outline appropriate set of improvements in energy efficiency and deployments of renewable energy. Gijon needed to lower the energy footprint by improving energy assets and use more efficient technologies. This led to the idea of a sustainable investment programme, which was financed by eeef’s Technical Assistance. In focus were the public buildings and street lighting points across 6 districts in the City of Gijón.

The feasibility study was completed in time and call for tender was published in 2020 and was immediately positioned among the largest ever energy efficiency projects initiated by a single Municipality in Spain. It challenged the typical image of Energy Efficiency project for being small and often non bankable. The collaboration in the Technical Assistance programme between SAWATCO, Ayuntamiento de Gijón and eeef resulted in sizeable Investment Programme to involve replacement of 42,000 luminaires on streetlights and within public buildings.

In August 2022, eeef and Acciona ESCO S.L. signed a forfaiting facility of up to € 19.5 million with term of 11 years to finance the renovation of lighting points on public streets and buildings in the Municipality of Gijón, Spain in alignment with a prepared Investment Programme within the Technical Assistance facility.

‘The eeef’s financing is structured as an off-balance sheet solution for Acciona, thereby allowing us to accomplish growth strategies without being restricted by funding needs of projects’, highlighted Chief Energy Services Officer for Acciona Energía, Elena Gonzalez Sanchez.

Gijon is eeef’s 3rd project with the off-balance sheet structure in Spain. Post-implementation of the Investment Programme, Gijón would immediately benefit from lower energy expenses and CO2 footprint. As per conservative estimates, the project is expected to deliver at least 48.02% in primary energy and CO2 savings annually compared to the current baseline, representing 37,005 MWh and 3,160 tCO2e, respectively. When compared to other similar projects financed by the eeef in Spain and in Portugal, the real annual savings in primary energy and CO2 emissions is likely to exceed 60%.

eeef is thrilled to have been part of Gijón’s ambitious journey. Moreover, the Fund is delighted to be collaborating with Acciona, a renowned and experienced partner, to take Gijón’s Investment Programme to fruition.

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