-EIF and Slovenian Resalta sign €6 million investment for further development of independent energy services and renewable energy solutions
-The transaction is guaranteed by the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe, the Juncker Plan
-To date, Resalta helped save 300GWH of energy and reduced CO2 emissions by 30000 tons per year - equal to planting 3400 ha of forest
The European Investment Fund (EIF) will provide €6 million of new equity capital to the innovative Slovenian provider of energy efficiency solutions Resalta. This capital increase will help Resalta evolve from being a start-up and implement a business plan to become a major provider of independent energy services and renewable energy solutions, making a positive impact on Slovene and EU economy and environment alike.
The company currently works with individual clients, companies and municipalities in Slovenia, Bulgaria, Croatia, Czech Republic, Italy, Macedonia, Montenegro, Serbia, helping them lower CO2 emissions, energy consumption and save on energy-related costs.
Enabled by a guarantee from the EU budget, under the Investment plan for Europe, or Juncker Plan, the capital enables Resalta to continue contributing towards an energy efficient and environment-friendly Europe. To date, the company developed and implemented solutions saving 300GWH of electric energy and reducing CO2 emissions by 30000 tons a year - equal to planting 3400 ha of forest.
Resalta, founded by Slovenian industry heavyweights - Gorenje, Geoplin and Energetika Ljubljana - will also develop its renewables pipeline while growing its energy services portfolio. Company`s contribution to CO2 emissions reduction through the City of Ljubljana energy retrofit project has been recognized by the European Commission as the best energy service project, awarded with the European Energy Service Award.
Half of the recapitalisation amount comes from a joint instrument developed by EIF and the Slovene Development Bank (SID), while the other half comes from Bulgarian BlackPeak Capital investment fund and private investors.
European Commissioner for Climate action and Energy Miguel Arias Cañete said: "With its investment power, the Juncker Plan is helping us reach our EU-wide goals of clean energy use. Today, the Juncker Plan is supporting Resalta, a very promising Slovenian start up, to grow, innovate and develop renewable energy solutions. I congratulate Resalta on seizing the opportunity offered by the Juncker Plan and I hope more Slovenian innovative company will follow suit.”
Chief Executive of the European Investment Fund (EIF) Pier Luigi Gilbert said: ““Companies like Resalta are proof that businesses can be successful and environmentally conscious at the same time. There is a business opportunity in making Europe a better place for generations to come and Resalta has benefitted Slovenia and the EU by seizing that opportunity. The EIF is proud to support Resalta, who shares our vision of Europe as a place where business and environment work with, rather than against, one another. I would also like to thank SID Banka for being our reliable partner in Slovenia.””
CEO of Resalta Luka Komazec said: “The investment from EIF is a major step in Resalta’s development, and the trust placed in us attests to the important role independent companies play in developing energy efficiency and renewables. Thanks to this investment we will be able to develop many new projects in our pipeline and are eager to enter the next phase of Resalta’s growth, which we are confident will have a profound and lasting impact on the region's energy landscape.”
Resalta is a leading independent energy services provider in SEE. Present in eight markets, Resalta offers public and private clients alike carefully tailored energy efficiency solutions through the ESCO model. Its turnkey solutions cover everything from project design, implementation, operations and maintenance to financing, allowing clients to renovate their energy systems and save money with no own investment. One of Resalta’s benchmark projects is the energy retrofit of 48 municipal buildings in the City of Ljubljana, which won the European Energy Service Award given by the European Commission for best energy service project in 2019. In addition to energy efficiency, Resalta also develops renewable energy projects and power plants throughout SEE. Through its work with municipalities and private clients, Resalta’s impact on raising awareness and promoting energy efficiency and renewables has resulted in lowering CO2 emissions and energy intensity in the region.
About BlackPeak Capital:
BlackPeak Capital is a growth equity co-investment fund, established by the European Investment Fund under the JEREMIE initiative, based in Sofia, Bulgaria. BlackPeak Capital supports outstanding founders and managers of SMEs in Southeast Europe in their investment and expansion plans. BlackPeak has backed innovative companies in the region in the energy services, manufacturing, IT, business services, and other sectors.
About the European Investment Fund (EIF)
EIF`s central mission is to support Europe's small and medium-sized businesses (SMEs) by helping them to access finance. EIF aims at satisfying existing and future market needs by designing innovative financial products addressed to different partners (banks, guarantee, leasing and microfinance institutions, private equity and venture capital funds, among others), acting as our financial intermediaries. By offering an Integrated Risk Finance Product Range of SME finance to our intermediaries, we complement the products offered by the European Investment Bank (EIB) with which we form the EIB Group.
Investment Plan for Europe
The Investment Plan for Europe, known as the Juncker Plan, is one of the European Commission’s top priorities. It focuses on boosting investment to generate jobs and growth by making smarter use of new and existing financial resources, removing obstacles to investment, and providing visibility and technical assistance to investment projects.
The European Fund for Strategic Investments (EFSI) is the main pillar of the Juncker Plan and provides first loss guarantees, enabling the EIB to invest in more projects that often come with greater risks. EFSI has already yielded tangible results. The projects and agreements approved for financing under EFSI are expected to mobilise more than €390 billion in investments, including €903 million in Croatia, and support almost 929 000 SMEs in the 28 Member States.
More information on the results of the Investment Plan for Europe is available here.