EOS Investment Management’s investment, through the Efesto Energy fund, are set to modernise and re-engineer three existing and six new Conad del Tirreno stores over the next 2 years.
The superstores are located across Tuscany, Lazio and Sardinia, and will have a beneficial impact both on employment and energy consumption. The venture will result in an estimated annual reduction of CO2 emissions of 2.9k tons / year, across all the nine stores. The related energy consumption of the superstores will decrease by about 50%.
EOS IM is pleased to bring its expertise and experience to this innovative project
Ciro Mongillo, EOS IM’s founder and CEO, said of the new partnership: “This operation is fully aligned with our overarching strategy. EOS IM is pleased to bring its expertise and experience to this innovative project. We are always looking for high-level strategic partners and innovative projects which offer attractive returns. EOS has a specific focus on the real economy and favour projects with a high “industrial value” combined with a significant social and environmental impact. We believe this is the best way to create sustainable returns. Our new venture with Conad, involving UniCredit Banca and WWF, will provide social value, created through the construction of the superstores, creating new job opportunities in three regions, as well as, generating a positive environmental impact through energy efficiency results.”
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EOS IM’s Efesto fund has a proven track record in renewable energy and infrastructure, over the last two years having already invested in 24 photovoltaic plants in ten Italian regions with a total capacity of 27 MW.
Ugo Baldi, Conad del Tirreno’s CEO commented: “We are proud of our track record in championing employment and the environment. Energy is the second highest cost item for large-scale retailers, other than employees. In recent years, we have installed major photovoltaic energy plants, producing total installed power of about 5MWp in Tuscany, Lazio and Sardinia. Hence, we are now upgrading many of our stores.”
Grimaldi Studio Legale was appointed as the Legal Advisor to the project.