FIEE SGR Closes its Second Fund Dedicated to Energy Efficiency

FIEE SGR the leading Italian fund specialising in energy efficiency for energy transition has launched its second fund with the 1st close of €127.5 million

Fondo Italiano per l’Efficienza Energetica SGR (FIEE SGR), the leading Italian fund and one of the largest European funds specialising in energy efficiency for energy transition, has launched its second fund – the Italian Energy Efficiency Fund II (FIEE II) – with the first close of EUR 127.5 million, above the initial minimum of EUR 100 million, and the objective of reaching the target of EUR 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 EUR 2 trillion. In particular, the EIB – one of the world’s most prominent institutional investors in the green economy and energy transition, and already an anchor investor in the first fund (FIEE I) with EUR 25 million – has increased its commitment to nearly EUR 40 million, confirming its role as anchor investor for FIEE II too. The EIB’s investment is supported by the European Fund for Strategic Investments (EFSI).

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.”

An important contributor to FIEE II acting as an anchor investor with a commitment of EUR 30 million – doubling the investment made in FIEE I – is also Aviva, led by Alberto Vacca, Italy’s Chief Business & Investment Officer. With 320 years of history and over 33 million clients worldwide, Aviva is one of the world’s largest insurance companies and has properly integrated ESG considerations into its investment decisions.

FIEE II starts with significant support not only from the EIB but also from other FIEE I’s investors, which have responded enthusiastically to the fundraising by subscribing over 90 percent of first close’s commitments. 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.V

Raffaele Mellone, CEO of FIEE SGR added that “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.”