Growing partnership between the European Energy Efficiency Fund and Siram Veolia for the development of more sustainable and connected cities
The European Energy Efficiency Fund (eeef) and Siram Veolia are pleased to announce that their Joint Venture Illuminated Cities acquired two new public energy redevelopment projects.
Through the public-private partnership (PPP) instrument, the collaboration between eeef and Siram Veolia allows two new small municipalities to attract private expertise and capital to finance, implement and manage works of public interest.
The Joint Venture, 80% owned by eeef and 20% by Siram Veolia, provides public administrations with technologically advanced solutions to deliver more liveable, greener, safer and connected cities to their citizens.
With these investments, Illuminated Cities becomes a partner of the Municipalities of Nogara and Concordia Sagittaria, in the province of Verona and Venice respectively. They join the Municipality of Rozzano, in the province of Milan, which is an active project in the joint venture's portfolio. Due to all-round interventions in the urban fabric of infrastructures and services, in the coming months Nogara and Concordia Sagittaria will thus become part of the group of European smart cities. The investments aim at the adoption of high added-value technologies, ranging from the upgrading of obsolete electrical and thermal systems in public buildings, to the production of energy from renewable sources, the installation of LED street lighting and street furniture, remote control systems, remote management and electric mobility services. Thanks to a total investment of approximately 6 million euros, in addition to all the improvements and benefits mentioned so far, the authorities will achieve savings in the energy consumption and energy bill, with a consequent dual reduction, of the environmental impact as well as of the energy expenses.
The characteristics of Illuminated Cities make it possible to finance even small-scale initiatives on a single project basis, which the traditional approach of project finance typically excludes, as well as significantly reducing the costs of structuring operations. Within the scope of the projects, Illuminated Cities is supported by Siram Veolia as the industrial partner, who is entrusted with all the energy requalification and maintenance works of the plants included in the agreement. Siram Veolia Group is, in fact, specialised in the optimised management of resources - energy, water and special waste - for the Public and Private market and is a leader in Italy in energy efficiency services.
Emanuela Trentin, CEO of Siram Veolia, commented: “The partnership with the eeef allows us to enrich our portfolio with innovative services alongside the Public Administration, combining attention to the environment and latest generation technologies, promoting cost and primary energy savings, reducing climate-changing emissions and enriching thermal and energy services for citizens, in support of the priority objectives of ecological transformation”.
“The Joint Venture targets local communities with the aim of promoting better environmental sustainability and economic efficiency, especially in small towns, where to be a partner of the public sector and together advance technological solutions which the people can experience in their day to day life” said Paola Rusconi, DWS - Investment Manager of the European Energy Efficiency Fund.