PadovaFit!
Financing Model
A consortium, consisting of the Municipality of Padova and four experienced local private stakeholders is the programme delivery vehicle of the PadovaFIT! energy retrofitting programme. The consortium operates as programme marketer or promotor, assessor, aggregator, facilitator and financial advisor and through the Municipality of Padova as Contracting Authority.
The consortium consists of the following members:
- Municipality of Padova: Programme coordinator. Acts as facilitator and “institutional guarantor” for the aggregation of smaller investment projects.
- Banca Popolare Etica : Is a cooperative bank inspired on the principles of ethical finance. Within the consortium it is responsible for financial engineering and the financing scheme. It has also responsible for investigating the creation of a private Investment Fund and a Guarantee Fund to partially fund the PadovaFIT! investment programme.
- ITS RED Foundation: a higher education non-profit foundation focused on energy efficiency. The foundation facilitates the adhesion of the apartment owners to the initiative (facilitator of the decisional process).
- INNESCO S.p.a.: Is a socially and ecologically responsible ESCO. It is responsible for the projects feasibility studies and for the selection of the Delivery Partner/ESCO.
- SOGESCA s.r.l.: Engineering and consulting company. Is responsible for the preliminary technical planning and design of selected buildings and for the GIS (Geographic Information System) database for monitoring.
The PDU manages the implementation process of the programme, from promotion of the programme and analysis and assessment of the projects, over assistance to the general meetings of the apartment owners, to public tendering. It provides legal, technical and administrative support throughout the entire implementation process, including drafting and providing of required documentation related to the tender process, technical support for the implementation of the projects, coordination of the tender process, and assistance and mediation during the contract phase between the ESCO and the beneficiaries. It acts thus as programme marketer, assessor, aggregator, facilitator and financial advisor.
The PDU (through ITS RED Foundation) plays a key role in the training of the apartment building facilitator. It has set-up an 80 hours vocational training course, specifically for building managers and administrators, small owners associations, builders associations, owners or tenants unions, etc., aiming at developing diverse competencies in the area of energy efficiency (building law and regulation, energy efficiency measures, energy audit methodology, financial and technical planning) to become facilitator of energy efficiency retrofit processes of private buildings in Padova. From the 24 participants 18 have followed successfully the course.
To assure the working of the PDU a budget of nearly 0,8M€, for the period June 2013 through May 2016, has been made available. Of this funding amount some 75% or 0,59M € has been provided by the IEE under its initiative MLEI-PDA.
PadovaFIT’s programme implementation planning is as follows:
- 2013-2015: collecting of adhesions to the project through meetings with stakeholder organisations (building administrators, constructors/building contractors,…), project dissemination and promotional activities, public events, conferences and roadshows and dedicated website
- 2015: tendering and awarding of works to one or more ESCO and drafting of necessary agreements and documents
- 2015-2016: signature of agreements between ESCO and beneficiaries and execution of work
Currently 5 apartment buildings, representing 97 apartments, have formally adhered to the PadovaFIT! programme. Another 44 apartment buildings, representing 900 apartments and 25 businesses, have had an energy audit and are deliberating their adherence to the programme.
PadovaFIT! Is still working on the financing possibilities of the Delivery Partner as the project is too small to readily attract the interest of private investors (private equity or venture capital), and because of the high costs to create a capital fund and the high transaction costs due to involvement of finance consulting. PadovaFIT! Is also exploring possibilities of issuance of bonds or mini bonds.
via di Salici 35
35124 Padova - Italy
- http://www.padovafit.it/
- http://www.padovanet.it/
- http://www.conurbant.eu/en/partners/tutors.php/1088
- Bianchi Marco, L’efficienza energetica e le politiche di sviluppo degli investimenti nelle aree urbane, Banca Popolare Etica, 20 March 2014
- De Filippi Federico, A Financing Investment Tool for the retrofitting of private housing in the PADOVA area, 28 May 2015
- Luise Daniela, A Financing Investment Tool for the retrofitting of housing and service facility buildings in the PADOVA area, April14
- Luise Daniela, L’esperienza del Comune di Padova: il Piano d’Azione per l’Energia sostenibile e il progetto PadovaFIT!, 14 March 2015
- Luise Daniela, PadovaFIT! La riqualificazione dei condomini privati ad uso residenziale: il Progetto MLEI Padova FIT, 17 November 2014
- Luise Daniela, Zuin Michele, Pallaro Adriano, Visentin Antonio, PadovaFIT! A Financing Investment Tool for the retrofitting of housing and service facility buildings in the PADOVA area, 28 April 2015
- Luise Daniela, Zuin Michele, PROGETTO MLEI - PDA PadovaFIT!, 21 May 2013
- Luise Daniela,Zuin Michele, PROGETTO MLEI – PDA PadovaFIT!: A Financing Investment Tool for the retrofitting of housing and service facility buildings in the PADOVA area, 2 May 2013
- Zuin Michele, A multi-level governance approach for achieving energy sustainability at local scale, 25 October 2013
- Zuin Michele, Betting on the Future: Green industrial areas, 26 June 2013
- Piano di Azione per l'Energia Sostenibile del Comune di Padova, Comune di Padova Settore Ambiente, February 2011 (Municipality of Padova’s SEAP)
- Summary of the MLEI-PDA projects funded under Intelligent Energy Europe. Calls for proposals 2011 and 2012, Intelligent Energy Europe, updated November 2013