ENERGY EFFICIENCY


Table 1. University Hospital St Orsola: characteristic data.


Gross area (total) Access (total)


Emergency room m2 no no


Days of hospitalisation no Childbirth


no Operating rooms Surgical intervention no no


383,548,00 992,218 141,698 478,706 3,411 37


33,875


maintenance. The value of the project was about ¤41 million and its ambitious targets facilitated an agreement with the EEEF for financing of about ¤32 m over 20 years. The work began in 2012; the


construction of the new thermal power plant started in April 2014 and was completed in 2015. The co-generation plant was completed in 2016 and the trigeneration plant was completed in the summer of 2017. Before the work was undertaken, the


structure of the thermomechanical facilities was: St Orsola thermal power plant: four steam generators (including one spare) with a capacity of 11 MW each; Malpighi thermal power plant: four generators (including one spare) with a capacity of 3.6 MW each. The two plants produced superheated water and steam at 8 bar for heating and technological utilities, with distribution at very high temperatures, which because of the age of the generators and the characteristics of the network achieved system efficiency of less than 60 per cent. The cold water distribution network also needed radical redevelopment. The production of refrigerated fluids


was entrusted to several refrigeration plants, each serving different pavilions, some of which were equipped with split systems that could not always guarantee


January 2013 Team sheet subscription


March 2013 Financial close


May 2013 Financial close


Table 2. Project financing. Total investment value Construction value Bond value


Bond issuer


Project sponsor Investor


Fund advisor Legal advisor


€36 million (excluding VAT) €30 million (excluding VAT) €26 million (excluding VAT)


Progetto ISOM spa


Manutencoop Facility Mangement spa – Siram spa – Sinloc spa EEEF – European Energy Efficiency Fund SA, SICAV–SIF Deutsche Bank AG Milan Branch NCTM – Studio Legale Associato


Location of the new plants.


adequate comfort. The MV electric network consisted of four cabins, including one for the emergency line. As part of its 2015 management plan, the hospital began a process of modernising plant systems to meet current and future technical, economic and environmental needs.


As only some of the resources needed


for the project were available, a project financing process was launched for the construction of both the new trigeneration plant and a series of replacement, adaptation and upgrading of the distribution networks and sub-


June 2013 – December 2015 Disbursement period


June 2016 Start repayment Concession for design, construction and management (25.5 years) 2010 2011 2012 2013 2014 2015 Temporary management (4 years)


January 2012 Start management


November 2011 Concession contract


2016 2017 2018 2019 Definitive management (21.5 years)


December 2016 Refrigeration plant – End


December 2015 Thermal and co-generation June 2038 End of the concession 2037 2038


stations. The administrative process was particularly complex; the necessary approvals were obtained, which included those from the Emilia-Romagna Region, the Municipality of Bologna and the ARPA and was also subject to integrated environmental authorisation (IEA). Starting with the condition of the entire primary plant system, the feasibility study that gave rise to the tender made it possible to identify energy saving potential, which was to be used to acquire financing for the upgrading of the plants with a consequent increase in efficiency and the introduction of new technologies


June 2019 December 2032 Maturity date: Construction bond


Timing of the concession contract. IFHE DIGEST 2019 15


Concession


Project bond


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