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SUSI energy efficiency fund reunites with Italian firm

The fund’s €12.5m financing of contracts for Beghelli is SUSI’s second deal with the company and the vehicle’s fifth in Italy overall.

The Switzerland-based SUSI Energy Efficiency Fund has secured a €12.5 million agreement with Italian energy services company Beghelli, some 15 months after it invested €32.9 million in the firm.

The deal will see the SUSI fund act as financing partner for energy-saving contracts between Beghelli and its clients in Italy. Contracts will include upgrading lighting systems to energy-efficient LED lighting points and are expected to provide energy savings of 9GWh.

SUSI’s move follows on from its deal agreed with Beghelli in October 2015 when the Italian firm sold a portfolio of receivables to the fund for €32.9 million. The transaction marked the fund’s fifth in Italy, including deals with Gemmo and Ternienergia, bringing the total amount it has invested in the country to €60 million. Ireland and Finland have also been targeted for investments by the fund.

The €250 million energy efficiency vehicle has now invested over €115 million after being launched in January 2014. The fund, targeting IRRs of about 8 percent, typically finances energy-saving projects with building owners and receives a majority of the money saved over a 10-year period.