IEEF II Fund
Italian Energy Efficiency Fund II (IEEF II) is the second closed-end alternative investment fund promoted and managed by FIEE SGR.
Italian Energy Efficiency Fund II (IEEF II) is the second closed-end alternative investment fund promoted and managed by FIEE SGR.
Established in July 2020, IEEF II closed its funding at € 201 million in January 2022, exceeding the initial target of € 175 million and the threshold of € 200 million.
IEEF II has already completed the first five investment transactions in companies active in the energy community, residential energy service, renewables, innovative HVACR technologies and energy storage segments, allocating € 100 million of the capital raised.
In December 2022, IEEF II also realised its first exit related to the sale of its stake in PLT energia S.r.l., generating a cash-on-cash return of 2.7x and an IRR of 75%.
The objective of IEEF II is to play a primary role as an investor in the new energy paradigm by contributing to the development of platforms for the energy transition.
The strategy of IEEF II is in line with that of FIEE I and energy efficiency in Italy remains the main target market.
However, IEEF II aims to invest in ESCos, as well as in production and assembly companies active in the broader context of energy transition; in particular:
- in energy efficiency (public lighting, co-generation, tri-generation, energy efficiency in industrial plants and enterprises, energy service for energy saving/energy efficiency in existing buildings, innovative HVACR technologies, etc.)
- in power generation from renewable energies (wind, solar, biomass, etc.);
- in innovation and infrastructure for energy transition (energy storage, electrification of transport, energy communities, etc.).
IEEF II is establishing itself as a reference investor and partner for the energy transition in Italy and other European countries. In particular, through its portfolio companies, IEEF II is currently active in energy service in residential buildings, in the HVACR sector, in the development of energy storage and energy communities, as well as in power generation from renewable sources.
In December 2022, the investee PLT Energia was fully sold to Eni Plenitude at a total price of € 900 million. The IEEF II fund sold its respective shareholding.
The transaction generated high returns for the fund.
4
Subsidiaries
700
Employees
€ 151 mln
Turnover
€ 9 mln
EBITDA
490,372* MWh
Electric energy generated
383,981* tCO2
CO2 emissions avoided
435* MWh
Energy savings
* The figures also include the performance of PLT Energia, which stake was sold by the FIEE I and IEEF II Funds on 29 December 2022
Investors
In January 2022, IEEF II closed at € 201.4 million, exceeding the initial target of € 175 million and the threshold of € 200 million.
IEEF II Investors, depending on the different share classes subscribed, fall into two main categories:
- Qualified Investors: professional and retail investors, subscribers of A units totalling € 197.2 million, of which over 70% already subscribers of the first FIEE I fund;
- Partners and Managers of FIEE SGR: subscribers of A units for a total of € 2.7 million and of B units for a total of € 1.5 million.
The chart below shows the breakdown of the fund’s funding by investor class.
With a subscription commitment of € 25 million, the European Investment Bank assumed the role of anchor investor in FIEE I.
Advisory Board
A collegial body representing investors acting in an advisory or binding capacity, pursuant to the Fund’s Regulations.
The Advisory Board expresses its non-binding opinion in relation to matters of particular relevance to the Fund. In addition, the Board of Directors requests the prior consent or approval of the Advisory Board with regard to certain cases provided for in the Fund’s Regulations, such as, for example, cases in which investment thresholds are exceeded, transactions involving conflicts of interest or co-investments.