FIEE SGR Closes its Second Fund Dedicated to Energy Efficiency

Aug 7, 2020 02:30 PM ET
  • FIEE SGR the leading Italian fund specialising in power performance for energy transition has released its second fund with the 1st close of EUR127.5 million

Fondo Italiano per l'Efficienza Energetica SGR (FIEE SGR), the leading Italian fund and also among the largest European funds specialising in power performance for energy change, has actually launched its second fund-- the Italian Energy Efficiency Fund II (FIEE II)-- with the first close of EUR 127.5 million, above the initial minimum of EUR 100 million, and the objective of reaching the target of EUR 175 million by the end of the year.

FIEE II has increased funding from the European Investment Bank (EIB) and also distinguished Italian institutional financiers and family workplaces, which together handle possessions worth around EUR 2 trillion. Particularly, the EIB-- one of the world's most noticeable institutional capitalists in the green economic climate and also power transition, as well as currently a support capitalist in the very first fund (FIEE I) with EUR 25 million-- has actually boosted its dedication to virtually EUR 40 million, confirming its role as support capitalist for FIEE II as well. The EIB's investment is sustained by the European Fund for Strategic Investments (EFSI).

EIB Vice-President Dario Scannapieco said "Italy has a lot to gain from investments in power efficiency, along with from the small-scale renewable energy tasks that the fund will target. In addition, FIEE's focus to tasks in reduced carbon mobility, smart cities and also digitalisation are a signal that this sort of financial investment is not only needed but nowadays additionally makes economic feeling."

A vital contributor to FIEE II acting as an anchor financier with a dedication of EUR 30 million-- doubling the financial investment made in FIEE I-- is likewise Aviva, led by Alberto Vacca, Italy's Chief Business & Investment Officer. With 320 years of background and also over 33 million clients worldwide, Aviva is one of the world's biggest insurance provider as well as has appropriately integrated ESG factors to consider into its investment choices.

FIEE II starts with substantial assistance not just from the EIB yet additionally from other FIEE I's investors, which have actually responded enthusiastically to the fundraising by subscribing over 90 percent of very first close's dedications. With FIEE II, FIEE SGR will prolong its range of activity to the remainder of the European Union, and will be able to spend not only in service business but additionally in tools manufacturers, with a specific concentrate on wise cities as well as power neighborhoods, along with pursuing chosen efforts in the renewable resource sector.V

Raffaele Mellone, CEO of FIEE SGR included that "the target audience has actually grown as well as strengthened significantly over the last 4 years. This growth will certainly be increased by the European Green New Deal, whose results will certainly begin to materialise over the following 12 months. We have actually remained in the industry for several years currently and we have never ever seen such exhilaration and so several financial investment possibilities. Within a couple of weeks of the first close of FIEE II we will certainly complete the very first transactions in the property, power neighborhood and also HVACR industries, assigning the first section of raised resources."