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Pioneer Point Partners LLP, the sustainable infrastructure investment firm, is pleased to announce the eighth investment from its maiden institutional fund, Pioneer Infrastructure Partners SCSp, which has acquired Simet Soluzioni Energetiche S.r.l., a leading Italian energy efficiency service provider to the public administration sector in Northern Italy.

Simet is a pioneer in the sector and has a 50+ year history managing public lighting infrastructure in the North of Italy. The Company has over 50 employees and ensures that more than 3,000 km of roads are lit under long term contracts with approximately 100 municipalities.

Efficient lighting is a significant contributor to the European Union’s policy objectives on energy efficiency and carbon emission reductions. With over nine million lighting points, Italy has the highest density of light points per inhabitant in the EU. However, only 32% have so far been converted to efficient, LED-based luminaries, resulting in one of the highest per capita consumptions in the EU.

Pioneer aims to support the Company’s growth in other fast-growing sectors of the energy efficiency market, including management of heating infrastructure and the provision of renewable energy to public entities and local communities, as well as innovative smart city services.

This investment is strongly aligned to the Fund’s sustainable objectives and classification as Article 9 under SFDR, with the Company’s activities supporting climate change mitigation through reducing energy consumption and energy pollution. On average, Simet’s interventions have resulted in 70% energy reductions for its municipality customers, leading to an annual saving of 37,700,000 kWh of electricity and to annual emissions avoidance of 12,300 tonnes of CO2.

The Fund acquired 100% of Simet from the Enercom Group, one of the largest Italian utility companies, active in the production, distribution, and sale of energy and related services. The group has 400 employees and operates 35 branded sales points.

The Fund, which held a €575m final close in February 2022, ahead of its €500m target, has completed eight investments. The capital has been deployed in line with its investment strategy and Pioneer’s successful track record in the lower mid-market, value-add sustainable infrastructure sector across Western Europe.