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The SUSI Energy Efficiency Fund (SEEF), an independent investment vehicle led by SUSI Partners AG – a Swiss investment manager – has closed its fourth transaction in the Spanish market this month.

The financier explained in a statement that through a forfaiting of receivables around €14 million, the Fund finances an energy efficiency portfolio, comprising six public street lighting projects as well as heating retrofits for five public hospitals.

The projects were acquired from the Spanish energy service company (ESCO) Elecnor S.A. (Elecnor) and span across five major Spanish regions.

The SEEF-financed projects, which are all operational, allow for annual energy savings above 50% and combined emission reductions of more than 8,700 tonnes of CO2 every year.

Project scope

Under the agreements, signed with seven public-sector entities, Elecnor has upgraded existing street lighting with over 41,500 highly efficient LED luminaries in the regions of Castilla La Mancha, Castilla y León, Madrid and Asturias.

In the region of Galicia, the energy services company has upgraded the heating infrastructure of five public hospitals with carbon neutral biomass boilers.

The retrofits will lower annual energy costs and maintenance costs to the clients. Read more: Walmart leads retail energy efficiency with 1.5 Million LED fixtures

Commenting on the agreement, Alexander Rothlin, director at SUSI Partners AG, said: “With the financing of Elecnor’s energy efficiency retrofits across Spain, we are adding another well-diversified set of projects to the SEEF portfolio and further strengthen our ties to the Spanish energy efficiency sector.”

Alexander Arrola Gonzalez, Finance Director at Elecnor, commented: “For Elecnor, this is the second forfaiting agreement related to energy saving projects. It is remarkable that this operation has been formed combining several energy-saving projects and has demanded an important work of coordination with all the affected agents.

“For the closing of the operation, the effort and flexibility of SUSI has been essential to combine different kinds of projects with different public agencies.”

The Swiss firm highlighted that the agreement was supported by the law firm DLA Piper Spain.