eeef closed its first transaction in Spain in cooperation with Universidad Politécnica de Madrid and Enertika
eeef is providing a forfeiting facility to Enertika (Ingenieria y Servicios de Eficiencia Energética S.L), to finance the replacement of existing heating infrastructure delivering heat and hot water to the buildings of the university within the framework of a Energy Management Contract (Contrato de Gestion Energetica). This transaction was completed three months after signing the Energy Management Contract by the Universidad Politécnica de Madrid (UPM) and Enertika, demonstrating the ability of the private and public sectors to align efforts to implement projects in the energy efficiency sector.
The conversion to new gas boilers (replacing 63 oil boilers), thermal valves and thermal solar solutions will be completed in 32 buildings of the UPM with a planned installation period of five months, expected to be completed in April 2016. The project targets to achieve 27% of primary energy savings and 45% CO2e savings annually compared to baseline. This project is financially self-sufficient by the savings expected, which can be realised by upgrading the current equipment of the university. The investment to upgrade the UPM campus infrastructure will ensure a sustainable supply of heat and hot water to the university for the next 9 years.
Universidad Politécnica de Madrid ranks as the top engineering university in Spain. The UPM campus includes 32 buildings in total for the current 18 faculties and governing buildings which were hosting over 41,000 students, 3,000 teaching and research staff and more than 2,000 administration and service staff (as of 2013).The majority of its engineering schools are consistently ranked as leading academic institutions in Spain in their fields, and among the very best in Europe. UPM’s studying centers are mostly over hundreds of years old and were founded in the 18th and 19th centuries, which have been grouped to form UPM later in 1971.
Enertika is an independent Energy Service Company (ESCO) delivering added-value to services and engineering solutions in energy efficiency, distributed power generation, and energy management for heavy energy users, both in the public and private sectors in Europe and in Central America. Through the use of its unique cloud-based Energy Management platform, Enertika integrates the above mentioned solutions, offering real time data and predictive power supply to minimize operating costs and to provide total visibility on energy usage. In the public administration sector Enertika has a solid reputation in projects such as street-lighting management and/or upgrades in Madrid, Barcelona, Valencia, Baza, St. Susanna amongst others.
The European Energy Efficiency Fund (EEEF) S.A., SICAV-SIF is a “société d’investissement à capital variable” governed by Luxembourg law and was initiated by the European Commission in cooperation with the European Investment Bank. The initial capitalization provided by the European Commission was increased with contributions from the sponsors European Investment Bank, Cassa Depositi e Prestiti as well as the Investment manager Deutsche Bank.
This project will be the first of its kind that eeef implements via a forfeiting scheme in Spain, demonstrating the Fund’s ability to offer financing structures suited for project needs and being a driver for new financing solutions for energy efficiency in Europe.