eeef finances energy efficiency upgrade for the University Hospital S. Orsola Malpighi in Italy

eeef and Progetto ISOM S.p.A achieved financial closing on the largest energy efficiency upgrade in Italy for the University Hospital S. Orsola Malpighi.

Bologna - The University Hospital S. Orsola Malpighi is becoming more energy efficient through a joint project of the European Energy Efficiency Fund (eeef) and Progetto ISOM S.p.A. signed on 8 May 2013. This is a significant step forward as the University Hospital S. Orsola Malpighi is one of the biggest Italian hospitals with around 5,355 employees and 1,758 beds in the Region of Emilia-Romagna (as of 05/2013).

The planned initiatives intend to raise the energy efficiency of the entire fluids’ production and distribution system of the hospital and reduce the energy consumption by including, for example, a tri-generation plant for the combined production of cooling, heat and power (CCHP). This project will lead to a CO2 emission reduction of 14.136 tons per annum, equal to 31% compared to baseline.

The financial closing has been achieved under a PPP framework, representing the largest energy efficiency upgrade in Italy to date with a financing volume of approx. EUR 41 million, EUR 32 million thereof funded by the eeef, with a maturity of up to 20 years.

Progetto ISOM S.p.A. is a special purpose vehicle established by Manutencoop Facility Management S.p.A., Siram S.p.A. and Sinloc S.p.A., to build and manage the new technological centre for highly efficient energy production and distribution for the University Hospital S. Orsola Malpighi. A consortium consisting of Manutencoop Facility Management S.p.A. and Siram S.p.A. has assumed the engineering procurement construction (EPC) and operations and maintenance (O&M) role. The grantor of the concession is the S. Orsola-Malpighi Polyclinic University Teaching Hospital of Bologna.

"This transaction is a lighthouse project for the energy efficiency market in Italy and across Europe, it demonstrates a positive impact of a major energy efficiency investment in a hospital, thus improving the service to citizens" commented a representative of the European Commission.

The European Energy Efficiency Fund (eeef) S.A., SICAV-SIF is a “société d’investissement à capital variable” governed by Luxembourg law and was initiated by the European Commission in cooperation with the European Investment Bank. The initial capitalization provided by the European Commission was increased with contributions from the sponsors European Investment Bank, Cassa Depositi e Prestiti as well as the Investment manager Deutsche Bank.