Resalta has successfully completed its first portfolio transaction with the Eiffel Energy Transition Fund, managed by Eiffel Investment Group.
The Paris-based Eiffel Investment Group manages around €1.5 billion for large institutional investors and individuals, with a focus on high-value investment strategies and targeting segments of business financing poorly addressed by traditional firms. The Eiffel Energy Transition Fund was launched by the group in April 2017 in order to offer short-term secured “bridge to commission” financing in renewable energy and energy efficiency throughout the EU, Norway and Switzerland. The Fund is sponsored by the European Investment Bank.
The Eiffel Energy Transition Fund will provide bridge funding for energy efficiency projects that Resalta is implementing for its long-term client Gorenje. Four projects will be financed from this transaction: the second Gorenje combined heat and power project, a compressed air project and two cooling projects, all in Velenje, Slovenia, the home appliance maker’s headquarters.
The four projects will generate 2.2 GWh of annual energy savings for the client, and reduce CO2 emissions by 1,100 tons each year
This marks Resalta’s first commercial paper issued in Slovenia. In this regard, this is a novelty as Resalta has not raised an ordinary debt and loan but rather a standardized financial instrument in a dematerialized form, registered with the KDD clearing house in Slovenia. The partner and mediator was Ilirika from Slovenia.
The amount issued is € 1.9 million, to be paid off by the end of April 2019. The bond carries a variable return to the owner, depending on the time it takes Resalta to pay off the debt.
Resalta’s ambition is to extend its collaboration with the Eiffel Energy Transition Fund beyond the scope of ESCO projects and into the renewable energy sector as Resalta’s renewables portfolio grows. The Fund offers similar financial tools for renewable projects, thereby significantly facilitating the financing of such projects during construction and reducing the need for equity.
The trust placed in Resalta by key financial players testifies to the quality of Resalta’s work and the role its projects play in advancing energy efficiency in the SEE region.
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