Wattson – 3E’s ESCO offering energy saving services in a DRFM-concept

October 19, 2016


Client:  Senior Living Group (the Belgian daughter of the French Korean group)
Period:  2013 – present


Senior Living Group (“SLG”, the Belgian daughter of the French Korian group) is managing about 50 homes for elderly people in Belgium.

In 2013 SLG approached 3E to guide them in improving the energy efficiency of their building portfolio. 3E offered an ESCO approach instead of a classical energy audit approach. Together with SLG, 12 buildings were selected to implement a first full renovation ESCO project.

3E and private equity fund Impact Capital created a Special Purpose Vehicle (SPV) to offer these energy saving services to SLG in a DRFM-concept with 3E acting on behalf of the SPV as project developer and asset manager, offering all technical and project development services.

  • Design: the SPV is responsible for the selection and design of energy conservation measures
  • Renovate: the SPV tenders all energy conservation measures to installers and monitors the construction phase up to commissioning
  • Finance: the SPV provides the financing of all CAPEX through private equity financing (Impact Capital) and bank financing in a project finance framework
  • Maintain: the SPV offers a qualitative maintenance of the energy conservation measures through certified maintenance companies. Measurement & Verification of the energy conservation measures is done by 3E.

The pilot project of 12 homes consists of a wide spectrum of energy conservation measures: boiler room renovation, solar thermal systems, solar photovoltaics, insulation of walls and roofs, relighting, optimisation of the ventilation system and efficient pumps. The total investment volume mounts to € 2.3 million. The Energy Saving Service Contract has a term of 10 years. The energy cost savings are about 25% of the original invoice of SLG for these 12 homes.

Beginning 2016, 3E and private equity fund Impact Capital founded Wattson, an ESCO that combines the study, construction, financing and follow-up of energy-saving measures into one customised service package. 3E now uses the experience from Wattson to optimise its services in energy efficiency and ESCO consultancy services.

More information on Wattson: www.wattson.be