Watson Farley & Williams (“WFW”) advised Azimut ELTIF – Infrastructure & Real Assets ESG (“Azimut”) on a joint venture investment agreement with Veos Group (“Veos”) to implement a portfolio of energy efficiency projects.
The corporate and contractual JV was set up as new company, P2H S.r.l. (“P2H”), using an innovative structure allowing the initiative to be bankable according to the project finance model. This allows P2H to meet the financial stability and risk requirements of banks and investors as the loan’s repayment is guaranteed by the cash flows generated by the initiative itself.
To complete the projects, P2H will retrofit the energy systems in residential buildings using the latest heat pump systems, both fully electric and hybrid, supported by photovoltaic systems. This will reduce the use of fossil fuels and CO2 emissions by heating and cooling buildings using geothermal energy.
Azimut ELTIF – Infrastructure & Real Assets ESG is a sub-fund of the Azimut Group’s multi-fund AIF Azimut ELTIF. It gives retail clients access to investment opportunities in financial instruments issued by Italian SMEs that build and manage strategic infrastructure for Italy’s productivity and well-being with an ESG focus that to both generate attractive returns for investors and improved social outcomes for local communities.
Founded in 2014, Veos is active in the field of energy efficiency with a focus on the electrification of thermal consumption. The technology it uses includes high-temperature heat pumps and geothermal air conditioning systems. Veos is also active in the circular economy sector, developing plants for the production of biomethane from the collection of FORSU.
The WFW Italy Energy team that advised Azimut was led by Counsel Matteo Trabacchin, supported by Associates Francesca Angelilli and Dario Matrecano on drafting the commercial agreements. Partner Tiziana Manenti advised on legal due diligence, assisted by Senior Associate Anthony Bellacci and Associates Antimo Rocco Nersita and Marco Iannotti.
Veos was advised by Greenberg Traurig Santa Maria.
