Client:
CiviSmart
Date:
July 2026
Object of the assignment:
Financial Advisor to the Borrower
Value of the transaction:
Eur 120 mm
With:
In July 2026, ValeCap acted as exclusive financial advisor to CiviSmart S.p.A. in structuring a € 120 million financing package to optimise its capital structure and support its investment plan and future acquisitions.
CiviSmart is the second-largest independent player in Italy’s public street lighting and energy efficiency sectors. Owned by funds managed by PATRIZIA SE, the company operates as an energy service company (ESCO) through public-private partnership (PPP) contracts. PATRIZIA is a European real estate investment manager with over € 55 billion in assets under management and a strong focus on sustainable investments.
The company manages more than 500,000 lighting points, with a target of exceeding 1 million by 2030. The financing supports the upgrade of existing public lighting concessions already awarded to CiviSmart and provides additional resources for the acquisition of new concessions and the development of new energy efficiency services.
The financing package comprises a term loan facility, a net working capital facility, a debt service reserve facility and a guarantee facility, and is intended to refinance existing indebtedness and fund the company’s planned investments and expansion.
The financing package was provided by a pool of lenders comprising UniCredit S.p.A., Natixis S.A. – Milan Branch and Bayerische Landesbank.
The transaction supports CiviSmart’s growth in public street lighting and energy efficiency, combining the refinancing of existing debt with funding for concession upgrades and future acquisitions. ValeCap supported the borrower as exclusive financial advisor throughout the financing transaction.