Swiss sustainable fund manager SUSI Partners has signed a memorandum of understanding with advisory and engineering firm Poyry to identify and fund energy efficiency projects across Europe.
The partners are targeting some €50 million of energy efficiency projects focusing on the core EU member states by the end of 2017. Under the agreement, Poyry will offer engineering, procurement and construction services based on its EPC open book system methodology.
SUSI will finance the projects through its €250 million energy efficiency fund, one of the pioneering vehicles in the space. In a statement, SUSI said the partners have already started a number of initial discussions with companies in Finland companies, where Poyry is headquartered. Last October, SUSI clinched one of the largest energy efficiency deals in Europe with the acquisition of a €32.9 million energy efficient lighting portfolio from Italy’s Beghelli Group.
SUSI’s energy efficiency fund finances off-balance sheet measures to allow energy savings for existing infrastructure and buildings. Technology partners implement the measures and guarantee pre-defined energy savings for the duration of projects. The fund then receives part of the annual savings and generates stable distributions.
In addition to energy efficiency, the fund manager is also active in renewables and the nascent energy storage market.
Earlier in May, SUSI said it had already deployed €100 million from its second renewable energy fund, which it aims to close on up to €400 million by the end of the second quarter. It is also gearing up to raise some €200 million for what will be one of the world’s first energy storage infrastructure funds.