eeef provides funding to Energetica S.p.A to implement energy efficiency upgrades in Northern Italy
Energetica S.p.A (Energetica) is an Italian group based in Milan, supporting local governments, private clients and municipalities in their energy services and energy efficiency upgrade measures. Founded in 1981 in Genoa, by the entrepreneur Alberto Ravano, Energetica has established itself as an expert partner providing energy services improvement solutions for households, private and public entities in Italy.
The eeef financing will be used by Energetica to finance energy efficiency works in building retrofitting and upgrading activities for cogeneration district heating projects. The district heating projects are located in the Municipalities of Bardonecchia - Piedmont and Valtournenche – Aosta Valley, whereas the retrofitted buildings are in Piedmont and Liguria. The district heating projects will be equipped with the cogeneration turbines and heat pumps for a higher energy efficiency. The energy efficiency retrofitting activities are in accordance with the EU directives, targeted at 5 condominium buildings and include replacement of the heating system, buildings insulation, solar thermal installations etc.
Energetica plans to implement these projects by mid - 2025 during which it will fully utilize the loan amount. The projects will deliver on an average 45.59% savings in primary energy and on an average 44.62% savings in CO2 emission annually compared to the current baseline. The financing from eeef will help Energetica to capitalize on the opportunities present in the energy services market in Italy. Accordingly, the funding request is aimed at projects that derive revenues from heating energy, energy efficiency, and white certificates.
Andrea Reati CEO of Energetica Group ‘Energetica is eager to work with the European Energy Efficiency Fund and its team, which have promptly recognized the value of our initiatives and the unique characteristics of the Italian market. We recognize the importance of the EU Taxonomy as a tool to foster economic growth, especially for companies like Energetica, which are aligned with its values and objectives’.
This transaction with a clear focus on energy efficiency measures is fully aligned with the eeef’s mandate. In 2013 eeef financed one of the key energy efficiency upgrades in Italy- University Hospital Sant’Orsola Malpighi. With Energetica, eeef will upgrade facilities in three various projects and locations in Northern Italy.
European Energy Efficiency Fund (www.eeef.lu) is an Art. 9 and EU Taxonomy aligned fund dedicated solely to impact investing in EU. The fund invests in energy efficiency, small scale renewable energy, and e-Mobility projects, and finances Energy Services Companies throughout Europe. The Fund aims to provide financial support additional to the resources provided by the local financial sector or private investors, sharing market-based risks.