£50 million is to be invested in UK energy efficiency projects through a new alliance formed by the Green Investment Bank and Societe Generale Equipment Finance.
The UK Green Investment Bank (GIB) and Societe Generale Equipment Finance (SGEF) are linking up to provide £50 million in funding for energy efficiency projects.
Funding from the alliance will allow organisations to develop environmentally-friendly strategies – such as the use of new technologies – without the need for up-front finance.
Projects could include combined heat and power plants, boilers, building retrofits, energy reduction technologies for production processes, and lighting overhauls – such as the installation of GU10 LEDs.
The first project to benefit from the partnership will be at Rampton Hospital in Nottinghamshire.
It will see £5 million invested in the installation of a combined heat and power plant, dual fuel boilers, biomass boilers and an effluent treatment plant.
Shaun Kingsbury, chief executive of the UK Green Investment Bank, said many organisations understand that energy efficiency measures make “good commercial sense” but, with few financiers in this space, they simply cannot afford the initial investment.
“Our partnership with one of the industry leaders allows these organisations to realise cost savings from day one without having to fund the capital upfront,” he stated.
Mr Kingsbury said the project at Rampton Hospital is “a great example” of how an institution can lower its energy costs, produce on-site heat and power, manage waste and cut its carbon emissions.
It is estimated that the project at Rampton Hospital will save the hospital £1.7 million, and reduce CO2 production by 88,000 tonnes over the lifetime of the project.
The project will generate around 5000 MWhth per annum of renewable heat.