TEF Fund – Energy Efficiency Upgrade of 13,000 Streetlights – Menowatt Project

The project companies’ requirements regarding the TEF Fund intervention can be summarized as follows: contributing to the SPVs’ capitalization, sharing financial solutions consistent with the target risk/return profile of the transaction, and continuously monitoring project performance.

Investment through the acquisition of a majority stake in 9 companies holding public concessions for the energy efficiency of approximately 13,000 streetlights. The transaction was carried out under the TEF Fund and the concessions cover the following Italian regions: Veneto, Puglia, Abruzzo, Piemonte, Toscana, Umbria, and Marche. The brownfield transaction involved the acquisition of 80% of the share capital and 100% of shareholder loans. The fund made a majority investment with the aim of improving service efficiency and sustainability, reducing primary energy consumption, and enhancing existing infrastructure. The project is expected to generate annual environmental benefits of 1,203 tons of CO₂ avoided and 716 TOE of non-renewable primary energy saved.