European Federation of Agencies and Regions for Energy and the Environment

Province of Milan awards the first Energy Performance Contract through Covenant of Mayors project, August 2012

Thanks to the “Energy Efficiency Milan Covenant of Mayors project”, – designed with the financial support of the ELENA technical assistance facility – 98 public buildings, mainly schools, located in the Province of Milan are set to benefit from energy efficiency improvement measures.

The measures will be implemented in the 16 municipalities that have signed the Covenant of Mayors. The province of Milan – which is one of the Covenant Territorial Coordinators – has awarded the implementation of this first Energy Performance Contract to a Consortium made up by four ESCOs, namely Olicar, Carbotermo, Evolve and PrimaVera.

The total contract value amounts to €13 million entirely invested by the Consortium, which will be granted a loan from the European Investment Bank, covering 75% of the investment cost.

The contract spans 15 years, guarantees 35% reduction of final energy costs, 5% of which will translate into budgetary relief for the municipalities.