Financing Urban Sustainable Development
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1 Financing Urban Sustainable Development Policies and Instruments for Financing Urban Sustainability: an Italian perspective Andrea Martinez Deputy Managing Director - Sinloc SpA [email protected] 1
2 AGENDA SINLOC BRIEF DESCRIPTION EU FINANCIAL INSTRUMENTS JESSICA
3 SINLOC A snapshot SINLOC supports and invests in Local Development initiatives through Public Private Partnership procedures, creating value for Investors and Communities Equity Investment SINLOC invests its financial resources in PPP initiatives, as an equity investor in special purpose vehicles set up for the building and management of the project Advisory SINLOC operates as a strategic, economic and financial advisor, supporting decisions of Local Administrations, Institutions, Banking Foundations and Private Companies Management Company SINLOC is a Management Company and/or a Technical Advisor of investment vehicles and provides activities such as investment strategy definition, project scouting, investment structuring, financial closing and monitoring
4 SINLOC Some numbers EQUITY INVESTMENT 20 investments for a capex in excess of 400 mln/ set up sub holdings and management of investment companies activating further 200 mln/ of projects ADVISORY More than 80 Feasibility Studies carried out Start-up and management of 4 Regional Social Housing Funds (Target AUM 310 mln/ ) Advisory to 4 Regional Authorities in the set up of EU Financial Instruments MANAGEMENT COMPANY Co-management of 3 JESSICA Urban Development Funds (115 mln/ EU funds mln/ co-financing) Social and Technical assistant of 3 Social Housing Funds FINANCIAL ARRANGEMENT Advisory to 3 Provinces under the ELENA initiative (more than 210 mln/ EIB related financing) SINLOC negotiated and supported the financial and contractual closing of more than 12 initiatives with a total value of more than 600 mln/
5 EU FINANCIAL INSTRUMENTS Definition Financial instruments (FI) co-funded by the European Structural and Investment Funds (ESIF) are an efficient way to invest in sustainable urban development FIs can be set-up by Member States and regions to invest available ESIF funding through financial products such as loans, guarantees, equity and other risk-bearing mechanisms (*) Fis are an impact investment asset class to finance projects with positive but too high risk reward ratio (in particular market failure)
6 EU FINANCIAL INSTRUMENTS Opportunities and risks OPPORTUNITES Leverage effect at the FI and project level Program and project ex ante assessment Clear targets, deadlines and risk allocation High stake of the management fee is performance based Revolving funds will return to the MA RISKS High level of bureaucratic complexity Project planning having in mind grant financing Misallocation of risk between the Public Body and the FI Inadequate investment period (just 1 FI implemented up to now in ITA in the 2014/2020 period)
7 JESSICA The JESSICA initiative in Italy (1/2) In the 2007/13 programming period the EIB and three Italian Regions implemented the JESSICA initiative JESSICA CAMPANIA Urban Development 1 (32 mln OP+32 mln cofin.) Urban Development 2 (66 mln OP) JESSICA SARDEGNA Urban Development (33 mln OP + 99 mln cofin.) Energy (33 mln OP + 66 mln cofin.) JESSICA SICILIA Urban Development (90 mln OP + cofin.) Energy (53 mln OP + 55 mln cofin.)
8 JESSICA The JESSICA initiative in Italy (2/2) Notwithstanding a complex market and normative context, the Funds contributed significantly to the deployment of local infrastructures and capacity building SARDINIA CAMPANIA (*) SICILY (*) OP resources and leverage 33 mln OP => more than 140 mln capex 32 mln OP => about 80 mln capex 52 mln OP => about 76 mln capex Project typologies 3 PPP 2 Corporate lending 4 Public financing 1 Corporate lending 2 Public financing 1 PPP 2 Corporate lending 17 Public financing Sectors Gas network, cruise terminal, healthcare structure, transport, swimming pool Public lighting, industrial area regeneration, local market Public lighting, energy efficiency in public buildings, local transport (*) Some project are currently still at financial close stage
9 CONCLUSIONS AND RECOMMENDATIONS EU Financial instruments represent an opportunity to finance urban development initiatives under "market failure" conditions To support Financial Instruments it is important to: Give them a coherent investment period Leave them free to invest in projects coherent with their aims (the lower the bureaucracy, the higher the result) Allow them to risk (equity is scarcer than debt and it has an higher potential impact on projects) "Force" them to support local authorities to improve their competences in terms of PPP and innovative financing
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