The Smart City Infrastructure Fund has entered into a partnership with Cisco Systems, Cree Lighting, Alpitel and other Italian market leaders to privately fund a program of EUR 100m of Smart City Infrastructure in small-to-mid size municipalities in Italy.
The initial scope of the project is to build a basic Smart City platform, based on energy savings that are generated from streetlighting retrofit with LEDs. The solution also includes deploying CCTV to enhance security and providing the municipality with free public Wifi. This would provide the municipality with a foundation Smart City platform that would help to unlock future services for the citizens.
InNovalux is targeting small and medium size municipalities who historically have less access to financing and technology. The consortium is able to deliver the solution by clustering these small municipalities and using economies of scale and synergies.
InNovalux will be implemented through a private finance initiative based on a long-term concession model that does not require any upfront investment from the municipality and generates economic savings for the municipality.
The project is targeting 140 small and medium municipalities for an approximate total of 140k streetlights out of a pool of 8,000 municipalities.