IEEF II Fund
Italian Energy Efficiency Fund II (IEEF II) is the second closed-end alternative investment fund promoted and managed by FIEE SGR.
In July 2020, the second closed-end alternative investment fund promoted and managed by FIEE SGR called Italian Energy Efficiency Fund II (IEEF II) was established.
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.
IEEF II strategy is in line with FIEE I strategy and energy efficiency in Italy remains the main reference market.
However, IEEF II aims to invest in ESCo, as well as in active production and assembly companies, in the broader context of the energy transition; in particular:
- in energy efficiency (public lighting, co-generation, tri-generation, energy efficiency in industrial facilities and companies, energy saving / energy efficiency service in existing buildings, HVACR, etc.);
- in electricity generation from renewable energy;
- in innovation and infrastructure for the 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 in the European Economic Area, providing risk capital for development and specific industrial skills. In particular, through the five invested investee companies, IEEF II is currently active in the residential energy service (such as FIEE I), in the HVACR sector, in the development of energy storage and energy communities, as well as in electricity generation from renewable energy. (in co-investment with FIEE I).
5
Investee companies
550+
Employees
€ 160mln
Revenues
€ 32mln
EBITDA
402.103 MWh
Generation from renewable sources
80.815 tCO2
CO2 emissions avoided
Investors
As of December 2020, IEEF II has already raised € 149.7 million out of a target collection of € 175 million, with a hard cap of € 200 million, which is expected to be achieved in 2021.
As for FIEE I, investors are divided into two main categories also for IEEF II, according to the different classes of shares subscribed:
- Qualified Investors: professional and retail investors, A share subscribers for a total of € 145.7 million, of which over 90% are already subscribers of the first FIEE I fund;
- Management of FIEE SGR: A share subscribers for a total of € 2.5 million and B share subscribers for a total of € 1.5 million.
The chart below illustrates the breakdown of fund inflows by investor class.
The European Investment Bank is the anchor investor of the fund with a commitment of 25 million euros.
Advisory Board
Collegial body representing investors which operates with advisory or binding functions, pursuant to the Fund Regulations.
The Advisory Board expresses its non-binding opinion in relation to particular important events for the Fund. Furthermore, the Board of Directors requests its prior consent or favorable opinion with regard to some cases provided for by the Fund Regulations, such as for example in cases of investment thresholds breach, transactions involving conflicts of interest or co-investment.