The SUSI Energy Efficiency Fund has signed a transaction with Gemmo S.p.A. for a true sale of receivables of a contracting agreement for energy efficient street lighting, signed between Gemmo and the City of Lecce, Italy.
The nominal value of receivables is approximately €12.9 million and marks the second transaction for energy efficient lighting in Italy within only two months. Lecce will save around 10.9 GWh in annual energy consumption and significantly reduce its ecological footprint.
With this transaction, which was signed on December 18th, 2015, the fund stepped in as financing partner for an energy saving contract between Gemmo as energy service company and the City of Lecce about the retrofitting of around 21,000 of the city’s street lights.
The contract will substitute and upgrade Lecce’s existing street lighting into an energy efficient lighting system. This will allow Lecce to save around 10.9 GWh in annual energy consumption, saving around €1.3 million under the current electricity price and leading to significant reductions of the city’s ecological footprint. The transaction was supported by the law firm DLA Piper Italy.
Dr. Tobias Reichmuth, Director of Sustainable Sàrl and CEO and Founder of SUSI Partners AG, stated:
"Being our second Italian transaction in a short time. our engagement in this project shows that the fund’s business model of reducing existing infrastructure’s environmental impact while generating safe and stable long term returns to our investors, is a success story in Italy as well.”
Mr Francesco Ortolani, General Manager of Gemmo S.p.A. comments on the transaction, commented:
“We are very proud of all the technological services we are able to offer to the City of Lecce in the field of energy efficiency and smart maintenance for the next 15 years. and thank SUSI Partners for the mediation of the financial support, which enabled the rapid roll-out of all investments.”
Stefano Fissolo, Vice President and transaction manager at SUSI Partners, adds:
”We are happy to have created a win-win situation, allowing this community to save costs on energy and enhance the carbon footprint while giving Gemmo leeway to invest in new projects.”