ITALIAN EE FUND CO-INVESTMENT CITY GREEN LIGHT

Promoter – Financial Intermediary

ITALIAN ENERGY EFFICIENCY FUND

Location

• Italy

Description

The project consists of a co-investment alongside the Italian Energy Efficiency Fund in a special purpose vehicle (SPV) implementing public lighting projects in Italy.

Objectives

The proposed transaction is a co-investment in City Green Light Srl (CGL), a special purpose vehicle dedicated to public lighting operations in Italy. CGL acquired an investment portfolio made up of 60 energy efficiency projects in the public lighting sector in Italy and is bidding to develop new investments in the municipal lighting sector.

Sector(s)

• Energy - Electricity, gas, steam and air conditioning supply

Proposed EIB finance (Approximate amount)

EUR 25 million

Total cost (Approximate amount)

EUR 89 million

Environmental aspects

The project concerns the replacement of the existing street lighting system, by new luminaires of light emitting diode (LED) technology. It is expected to result in 70% of energy savings leading to an equivalent reduction of greenhouse gas emissions. An environmental impact assessment (EIA) is not required according to the EIA Directive 2014/52/EU as there is no negative environmental impact, or the impact is considered negligible.

Procurement

The promoter of the proposed operation is a private company not active in the sectors as defined for the applicability of the Procurement Directive 2004/25/EU. In this context, the contract awarding procedures with municipalities under the Luce framework agreements, the procurement of the CONSIP Luce concessions and the applied private procurement procedures followed by the promoter are suitable for the proposed operation and satisfactory to the EIB.

Status

Signed - 12/07/2018