Switzerland-based fund manager SUSI Partners has secured its first deal in Spain for its Energy Efficiency Fund through the acquisition of receivables from a street lighting upgrade.
The deal was agreed alongside energy service company Energia Electrica Eficiente (3E) and the municipality of Mejorada del Campo near Madrid.
3E has replaced and upgraded street and building lighting in Mejorada, which SUSI says will reduce its carbon footprint by 750 tons of CO2 per year. SUSI will be due receivables from the new lighting system.
“We see a strong potential for further energy efficiency projects in the Spanish public and industrial sector, which we are keen to be part of,” said Alexander Rothlin, director at SUSI Energy Efficiency.
The transaction is only SUSI’s second deal in Spain throughout its renewable energy, energy storage and energy efficiency funds. Its first renewable energy vehicle acquired two solar plants with a total combined capacity of 6MW in February 2014.
SUSI’s latest deal comes just days after its energy efficiency fund agreed a €12.5 million investment with Italian firm Beghelli in a similar project. Launched in January 2014, the vehicle is in the midst of deploying its €250 million capital.