Rome, February 8th, 2022
FIEE has completed the fundraising of its second private equity fund focused on energy transition, surpassing the threshold of €200 million
- The final closing of the second fund has been completed for €201.4 million of subscribed capital, exceeding the hard cap of €200 million
- The first five investments, allocating €100 million of capital raised, have already been finalised in companies involved in energy communities, residential energy services, renewables, HVACR technologies and energy storage
FIEE, the leading Italian fund and one of the largest European funds specialising in energy efficiency for energy transition, has completed the final closing of its second fund – the Italian Energy Efficiency Fund II (FIEE II) – receiving subscriptions totalling €201.4 million, exceeding the target of €175 million and the hard cap of €200 million.
FIEE II has raised capital from the European Investment Bank (EIB) and leading institutional investors (insurance companies, banks, funds of funds) and prestigious family offices, which together manage assets worth over €2,000 billion. In particular, the EIB – one of the world’s most important institutional investors in the green economy and energy transition, and already an anchor investor in the first fund (FIEE I) with €25 million – has increased its commitment to approximately €40 million, confirming its role as an anchor investor.
Fondo Italiano d’Investimento SGR, a company that has always considered ESG issues in its investment decisions, is also an investor in FIEE II with a total commitment of €24 million.
FIEE II has garnered the support of most of the investors of FIEE I who responded favourably to the fundraising, subscribing to around 75% of the total commitment, testimony to the strength of the partnership that has been established over the years.
Through FIEE II, FIEE expands its reach to the rest of the European Union and to companies developing and producing technologies in the field of energy efficiency and transition, with a particular focus on smart cities and energy communities, HVACR technologies, energy storage, as well as selected initiatives in the field of renewables.
Since its launch in August 2020, FIEE II has already finalised the first five investments, allocating €100 million of the capital raised in companies involved in residential energy services, the development of energy communities, renewable power generation, innovative (efficient and environmentally friendly) HVACR technologies and the development of energy storage solutions required for electrification and affordable renewable energy markets.
Of these first five investments, two are in the European Union.
FIEE SGR is managed by the CEOs Raffaele Mellone, former managing director of Merrill Lynch, and Andrea Marano, former executive of Enel Green Power, and by the Chairman Fulvio Conti, former CEO of Enel and chairman of TIM. The promoters also include Lamse S.p.A. (holding company of Andrea Agnelli and his sister Anna) and Maurizio Cereda (former deputy general manager and director of Mediobanca). The board of directors of the SGR also includes Gianfilippo Mancini, a manager with extensive experience in the energy sector gained in Enel and more recently as CEO of Sorgenia, and Giorgio Catallozzi, an independent director with many years of experience in the energy efficiency sector.
The promoters have made a financial commitment of over €4 million in FIEE II, replicating the commitment already made for FIEE I.
Raffaele Mellone explains: “Energy transition has finally taken on a central role in the debate on the future of the planet, accentuating the outlook for growth in the reference market, which we have already seen in recent years. We have been in the industry for many years now and have never seen so many investment opportunities, as evidenced by the investment commitments already made to date, which represent over 55% of investable capital”.
“The investment world in general, and private equity in particular, is undergoing a historic change, with significant amounts of capital flowing into ESG-sensitive investments,” adds Andrea Marano. “The amount of capital raised demonstrates that in this environment, FIEE can continue to grow and play a leading role; we are therefore very optimistic about the future”.
“FIEE represents a successful experience gained through the profitability of its investments in a segment of the real economy characterised by the efficient and sustainable use of energy. We are very pleased with the path we have taken, accompanied by our investors who appreciate the positive financial returns and the anti-cyclical nature of our investments. The energy transition we are helping to bring about plays an even more important role in the complex macroeconomic environment we operate in than it did in the past”, concludes Chairman Fulvio Conti.
Legance Studio Legale provided legal advice to FIEE and Cisternino Desiderio & Partners acted as tax advisors.
Fondo Italiano per l’Efficienza Energetica SGR is the private equity fund that in recent years has enabled the implementation of the largest energy efficiency investment programme in Europe. FIEE II continues the positive experience of FIEE I, which in just a few years has invested in companies well positioned in the energy efficiency sector in Italy, becoming a market leader in the residential and public lighting segments. The investments are concentrated in highly strategic sectors for the revival of Italy’s economy and for the sustainable growth of its competitiveness. Like the previous fund, FIEE II will have a duration of 12 years, with a target return of 12%, to be achieved also by distributing periodic coupons, and with lower risk than traditional private equity. For further information visit www.fieesgr.com
FIEE: Mario Vitiello, +39 06 91658 102, email@example.com