City Green Light represented the leading private operator in the public lighting sector in Italy with more than 1mln lighting points, 100 light tunnels and 1,600 security cameras.

The structure of the transaction envisaged an initial investment by Fund I of € 33.2 million and a co-investment by the European Investment Bank of € 25 million.

Sourcing and Investment Rationale

• Family owners and operators looked to carve-out public lighting business from broader infrastructure and services platform
• FIEE was able to attract co-investors such as the EIB (whose stake is managed directly by FIEE) and another minority financial sponsor
• Attractive platform for further development of energy efficiency in public lighting and for creating a Smart City operator:
  
  • At entry, CGL was the first private operator in the sector in Italy with more than 350,000 light points under management, a contract portfolio exceeding €0.5bn and a 2017 turnover of €55m
  • Potential for further growth through the participation in integrated tenders offering smart city services to municipalities
  • Long-term contracts with municipalities deriving from the awarding of Consip tenders and project financing (with a duration respectively of 9/17 years) insulated from inflation and energy cost volatility

Value Creation

• Mix of organic growth and buy-and-build strategy with four acquisitions completed. Delivered exceptional growth with ~6x increase in EBITDA in 7 years and c.17% CAGR in lighting points from entry to date
• Increased market share to 10% and grew serviced municipalities to 300+, making CGL the second largest national operator in public lighting
• Transformed CGL from a pure public lighting operator to a Smart City platform providing a one-stop-shop to municipal and B2B clients for critical integrated services (e.g., energy communities, buildings, E-mobility, smart parking, connectivity)
• Attractive financial profile characterized by significant potential upside, visible revenue stream, strong cash flow generation and ability to self-fund growth

Exit and Returns

• In December 2025, FIEE executed the sale of City Green Light to Igneo Infrastructure Partners