The SUSI Energy Efficiency Fund (SEEF) successfully closed its first transaction in the Spanish market.
The fund finances a public energy efficient lighting agreement signed between the Spanish energy service company Energia Electrica Eficiente, S.L. (3E) and the municipality of Mejorada del Campo near Madrid. The transaction was closed on December 22, 2016 and is structured as a true sale of receivables. 3E has substituted and upgraded Mejorada’s pre-existing street and building lighting systems with energy efficient luminaries, allowing the city to save energy costs and reduce its carbon footprint by 750 tonnes of CO2 per year.
Spain-based ESCO 3E is specialized on the management of all-encompassing energy efficiency projects for public street lighting. The company develops proprietary high-tech LED solutions and operates the equipment for the municipalities relying on its innovative point-to-point remote controlling system. As a result, 3E’s clients achieve energy and O&M savings well above standard LED technologies.
Alexander Rothlin, Director at SUSI Energy Efficiency AG, comments:
“The step into the Spanish market is another milestone for the SEEF and proves the demand for our tailored energy efficiency financing solutions in the region. We see a strong potential for further energy efficiency projects in the Spanish public and industrial sector, which we are keen to be part of.”
Manuel Velasco Bengochea, Managing Director at 3E, states:
“As one of the first transactions of its kind in Spain, we are proud of what we have accomplished together with SUSI. We are now focused on scaling this collaboration more broadly hence allowing more 3E projects in the public sector to benefit from these structured finance solutions.”
Stefano Fissolo, transaction manager at SUSI Energy Efficiency AG, adds:
“In 3E we have found a reliable project partner with a strong foothold in the local industry. We are looking forward to realizing further projects with them.”
The transaction was supported by the law firm Hogan Lovells and the advisory boutique Energy Efficiency Capital Advisors.