Fondo Italiano per l’Efficienza Energetica SGR (FIEE SGR), one of the largest European funds specialising in energy efficiency for the energy transition, has launched its second fund – the Italian Energy Efficiency Fund II (FIEE II).
FIEE SGR closed €127.5 million, above the initial minimum of €100 million, and the objective of reaching the target of €175 million by the end of the year.
FIEE II has raised capital from the European Investment Bank (EIB) and prestigious Italian institutional investors and family offices, which together manage assets worth approximately €2 trillion.
EIB was an anchor investor in the first fund (FIEE I) with €25 million and has increased its commitment to nearly €40 million, confirming its role as anchor investor for FIEE II too.
EIB’s investment is supported by the European Fund for Strategic Investments.
An important contributor to the energy efficiency fund acting as an anchor investor with a commitment of €30 million – doubling the investment made in FIEE I – is also Aviva, led by Alberto Vacca, Italy’s Chief Business & Investment Officer.
Through FIEE II, FIEE SGR will extend its range of action to the rest of the European Union, and will be able to invest not only in service companies but also in equipment manufacturers, with a particular focus on smart cities and energy communities, in addition to pursuing selected initiatives in the renewable energy sector.
EIB vice-president Dario Scannapieco, said: “Italy has a lot to gain from investments in energy efficiency, as well as from the small-scale renewable energy projects that the fund will target. Furthermore, FIEE’s attention to projects in low carbon mobility, smart cities and digitalisation are a signal that this kind of investment is not only needed but nowadays also makes economic sense.”
The CEO of FIEE SGR, Raffaele Mellone, adds: “The target market has grown and strengthened considerably over the last 4 years. This growth will be intensified by the European Green New Deal, whose effects will begin to materialise over the next 12 months. We have been in the industry for many years now and we have never seen such excitement and so many investment opportunities. Within a few weeks of the first close of FIEE II we will complete the first transactions in the residential, energy community and HVACR sectors, allocating the first portion of raised capital.”