Resalta and Solas Capital, through its Solas Sustainable Energy Fund (SSEF), have carried out the energy efficient retrofit of a primary school and health centre in Ilirska Bistrica, Slovenia, resulting in annual energy savings of 757,387KWh and a reduction of 351,390 kg of greenhouse gas (GHG) emissions.

This retrofit included roof and façade insulation, new windows and doors, and renovations to heating, lighting, ventilation, and air conditioning systems, which Solas claims also enhances the health and well-being of those who study and work there.

In addition, Solas argues as a budget-conscious public entity it could not have afforded the high upfront investment costs of a retrofit, even though it would have been a long-term cash positive project, if it were not for SSEF's private capital.

By retrofitting public buildings, and making them more energy efficient, Resalta looks to address the carbon emissions of Europe's buildings. Solas Capital has financed 13 of these projects with Resalta from Solas Sustainable Energy Fund (SSEF).

"This accolade highlights the importance of our efforts to promote energy efficiency financing solutions to our project partners and sustainable investment opportunities for our investors," said Sebastian Carneiro, CEO of Solas Capital. "We extend our gratitude to our team, our project partner Resalta, and investors for their trust and support, which have made this achievement possible."

Buildings currently account for 40% of Europe's energy consumption and 36% of its greenhouse gas emissions (GHG), while 75% lack modern insulation, heating systems, or energy-efficient designs.

"Small scale for this project, but the model and example merits to gain visibility due to the positive impact for a large number of public entities," commented one Environmental Finance Awards judge. Another added there was "good additional impact in the structuring to help smaller entities and institutions with cash-strapped budgets to implement energy efficiency upgrades".