SUSI Partners has completed the first transaction for the financing of B2B smart meter projects in Germany for the SUSI Energy Efficiency Fund I (SEEF I).
In a first step, a portfolio assembled by Discovergy, a leading German provider of smart meter solutions, consisting of 10 projects with a volume of around EUR 6 million was financed.
As part of a wider cooperation agreement with Discovergy, SEEF I provides long-term financing for smart meter service contracts, mainly with large retail chains and energy service companies in Germany.
Discovergy is responsible for the installation and maintenance of smart meters at the sites of its customers, for a period of approx. 8 years, and provides value-added services using data collected from smart meters. SEEF I's innovative financing solution enables.
Discovergy to recycle project capex to support the rapidly growing operational business. Under the financing agreements, further projects with a total volume of up to EUR 15 million will be added in the coming months.
Fabian Karger, Vice President at SUSI Partners and responsible for the transaction, comments: "Our financing solution was structured along the specific requirements for smart meters, such as the fragmentation of the customer contracts or the significant capital employment for the project sponsor. With a strong partner like Discovergy, we are ideally positioned to continue our growth in this dynamic market in the coming years."
Bernhard Seidl, CFO of Discovergy, adds: "The cooperation with SUSI Partners helps us to significantly scale our business model. We consistently re-invest the released capital into the growth and further development of our company. In addition, this financing has enabled us as managing directors to retain a majority stake in the company even after conclusion of an equity capital increase.”