The prestigious Trade and Forfaiting Review (TFR) carried out a global review of deals in 2016 and awarded the partners a top accolade.
The panel of judges was drawn from senior experts in the global trade finance sector.
UrbanVolt was recognised for the significant value it is giving business owners via its zero CapEx LED lighting retrofits.
Recognised as a global leader, the company was commended for helping SMEs access institutional investment, while also ensuring the transaction remains risk free for their clients. Via their Light as a Service, UrbanVolt has helped companies to permanently cut their energy bills while simultaneously upgrading their premises with LED lights.
This is the full report from the TRR Judges:
Irish company UrbanVolt’s bright idea to offer energy efficient lighting solutions to SMEs through a novel supply structure received a seal of approval from SUSI Partners, a Swiss fund adviser for sustainable energy projects, with a €30million non-recourse project receivables finance facility.
UrbanVolt imports energy efficient LED modules and makes small scale lighting retrofits at no upfront cost for its Irish SME customers. The company is then paid a share of the savings from the energy project.
To finance the capital intensive business model in which revenues are only collected incrementally at later times, SUSI Partners, via the SUSI Energy Efficiency Fund, gave UrbanVolt a five-year tenor on the project receivables finance facility. HSB Engineering Insurance, as part of Munich Re, will ensure each of the LED lighting retrofit projects.
The deal will result in over 100,000 tonnes of CO2 savings a year, making a very significant contribution to meeting Irish and European energy efficiency targets.
This is a bright idea from the Irish company and it ticks a lot of boxes. It’s not something you see often, it has innovation, tenor and ushers in light as a service. It has also been financed by a non-bank provider.
“With this financing facility, institutional capital can finally finance small scale energy efficiency projects with SMEs which have been traditionally out of reach thanks to their size,” said Sebastian Carneiro, director at SUSI Energy Efficiency (SEEF) AG.
“By bundling projects together, the transaction becomes feasible for SEEF financing and provides long-term security of funding for our partner UrbanVolt.”
“This funding model has great potential to be applied to other energy technologies and even with private households as in the case of residential solar.”