The eeef and Siram are partners to advance smart cities in Italy
Milan – The European Energy Efficiency Fund (“eeef”) and Siram S.p.A (“Siram”) are pleased to announce their signing of a Joint Venture agreement, which aims to implement energy efficiency projects in Italy, on the basis of the smart cities model and public-private partnerships.
The newly established Città Illuminate S.r.l. (transl. Illuminated Cities), respectively owned 80%-20% by eeef and Siram, will enable Public Entities to implement technically advanced solutions, which rely on the so called “smart lampposts” and the integration of multiple services in the street lighting infrastructure. Projects such as these will facilitate more livable cities at the same time as to lower the rates of energy consumption, thanks to measures including the instalment of LED technology, remote control and management systems, video surveillance, wi-fi and charging stations for electric vehicles.
The structure of this Joint Venture allows a project finance approach even for projects of limited size, which fall beyond the scope of traditional project financing, while lowering significantly the structuring costs. In the frame of Città Illuminate, Siram is going to be the industrial partner and full contractor for each project commissioning and operations. Siram Group, is indeed specialized in managing resources for both the public and the private market, being also Italian leader of energy efficiency services.
Nicolas Germond, CFO of Siram, and Paola Rusconi, Fund Manager of the European Energy Efficiency Fund, at signature of the JV agreement.
Renaud Capris, Siram’s Director, commented: “We are very satisfied for the agreement achieved with eeef, that enable us to promote further sustainable and technological projects, intended to pursuing energy transition throughout the diffusion of the smart cities model”.
“The JV will support small local communities to achieve cost savings at the same time as to improve and expand services offered to citizens and cut primary energy and carbon consumption” said Paola Rusconi, Fund Manager of the European Energy Efficiency Fund.
The first project entering the JV portfolio is located in the Municipality of Rozzano, in the Province of Milan. In the next months, in fact Rozzano will join the other European smart cities and adopt the technology state-of the-art across the whole city. The Municipality will benefit from an holistic ensemble of interventions, not only limited to street lighting but extending to other complementary measures, as tangible to the people locally, like refurbishment of the existing infrastructure and sidewalks. In addition to all the other upsides and benefits mentioned so far and equally important, the investment plan, which exceeds 3.5 million euros, will result in the Municipality of Rozzano getting primary energy savings by 77% of the baseline.
The European Energy Efficiency Fund (eeef) S.A., SICAV-SIF is a “societé d’investissement à capital veriable” 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 European Investment Bank, Cassa Depositi e Prestiti as well as the Investment Manager Deutsche Bank. More info about the Fund at www.eeef.eu.