Suma Capital and Quimera complete their first joint investment in London
Suma Capital, via its SC Energy Efficiency Fund, has achieved a landmark investment in London. Thanks to this investment, the historic Hyatt- Andaz hotel located in Liverpool Street, will benefit from energy saving improvements. This transaction is the first of a series undertaken jointly by Suma Capital and the Quimera Group, via their affiliate Quimera ESCO. This Energy Service Company (ESCO), that will service hotel chains such as Hyatt, will optimize their energy consumption and accompany them towards their upgrade to more sustainable buildings standards.
Quimera ESCO offers a turn-key solution to the hospitality sector, with the technical and financial expertise necessary to implement major energy efficiency projects in leading hotel chains, internationally. This solution is based on an innovative business model, whereby retro-commissioning merely shares savings with the client, according to a “no savings – no fee” pattern. To achieve these savings, the Company improves the hotels’ facilities, thanks to better monitoring devices and, among others, more effective heating and cooling systems.
Quimera ESCO combines: on the one hand the know-how of the Quimera Energy division, in terms of technical implementation and access to the hotel sector, where they enjoy long-term client relationships with international leaders such as Marriot, Shangri-La, NH and Melia International; and on the other hand the reliable provision of “intelligent” capital by Suma Capital. It is worth noting that in the early months of operation, the global energy contract signed with the Hyatt- Andaz Hotel in London has generated savings of approximately 20% per year.
Such investments yield multiple benefits: in addition to lowering the operating costs for clients, they reduce energy consumption and environmental contamination generally, they also nurture the local job market; they offer appealing and foreseeable financial returns to investors; and lastly they comply with the ESG undertakings of all stakeholders.
This is the seventh commitment of SC Energy Efficiency Fund in an ESCO, companies via which this “impact” managed by Suma Capital has completed 40 projects that are generating energy savings of 15,000 tons of CO2 per year.