UniCredit Project Finance

UniCredit Project Finance

Studio Santi is UniCredit Project Finance’s technical advisor for energy efficiency. Together with UniCredit, Studio Santi conceived, developed, coordinated and monitored the first bank project financing in Italy (and probably in Europe) applied to energy efficiency, in particular to the final uses of energy in the most energy-intensive sector of the tertiary sector: the supermarkets.
From 2014 to date, over 60 million euros have been invested, of which over 50 have been allocated by UniCredit Project Financing, for the redevelopment of 35 supermarkets of the Conad and Megamark groups (Famila and Dok brands), with the creation of three special purpose companies respectively co-financed by three different investment companies: Arpinge, Eos and E3E.
Thanks to the use of “top-of-the-market” energy technologies, for the food cold chain, air conditioning, lighting and automation, the energy consumption of redeveloped supermarkets has been halved. In addition, the modernization of supermarkets has led to increases in sales in the order of 20%-30%.
The bank project financing scheme is like the ESCo model with third-party financing, with the outsourcing of all technical and energy risks, off-balance financing, the EPC contract (Energy Performance Contract) and the energy and maintenance guaranteed performances. However, this model does not involve ESCo companies, being coordinated by the financing institution itself with the help of the advisor, and allows great economic, financial and operational advantages to organizations such as supermarket chains, that – free from technical and energy risks and not burdened with up-front financial fees for investments – can focus on the core business. This scheme can be replicated in any energy efficiency project, both in the service sector and in industry, if it is large enough to justify the instrument of bank project financing.
The projects have had wide coverage in the national press and have been the subject of study by organizations and associations interested in sustainability (WWF, Kyoto Club, AssoEsco, etc.).

Our services

Technical-scientific advice
Technical-scientific advice
Due-diligence/lending engineering
UniCredit Project Finance

Credits: a.mytrend.it

What we have done

Technical-scientific advice

In 2014 Studio Santi conceived and developed, with UniCredit Project Finance and Conad del Tirreno, the first bank project financing in Europe applied to the efficiency of the final uses of energy. From 2014 to 2016, through the vehicle company Ecosavings Srl, financed by UniCredit Project Finance and whose ownership is shared between the Arpinge fund and Conad del Tirreno, 13 supermarkets were upgraded in 3 Italian regions (Tuscany, Sardinia, Lazio) for a total investment of approximately 23 million euros. The loan has a duration of 8 years and Studio Santi, in addition to having conceived the project and assisted the implementation phases, plays the role of technical advisor shared between the lender UniCredit and the sponsor Conad del Tirreno, monitoring both the construction phase (with the release of a general due-diligence and 13 specific due-diligences, one for each intervention, including as many functional tests and performance checks) as well as the operation phase, with an annual performance verification and maintenance monitoring report for each supermarket redeveloped, for the entire duration of the loan. From 2016 to 2018 a second project, sponsored by Conad del Tirreno, saw the redevelopment of another 6 supermarkets in the Conad del Tirreno sales network, through the Ecology Store S.r.l. jointly owned by Conad del Tirreno and the Eos fund, for an investment of 12 million euros. The scheme is the same as that of Ecosavings S.r.l., but the duration of the loan and therefore of the operating phase is 10 years instead of 8 years. Legal advisor of the operations is the Grimaldi law firm. To date, under-performance has never been recorded and energy consumption has been halved. The project was so successful that it was possible to imagine this scheme as a new modus operandi for the requalification of the sales networks of large GDO groups.

Our Commitment to a Better Future

With over 600 MW of renewable energy plants, more than 3 million cubic meters of efficient buildings, over 43,000 investigations of requests for incentives in the Conto Termico, 15 years of appointments as Energy Manager for important state companies, Studio Santi is the ideal partner for organizations that intend to innovate their energy systems and direct them towards integral sustainability

Welivit – Munich Re ERGO