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The UK Green Investment Bank (GIB) has joined forces with Societe Generale Equipment Finance (SGEF) to provide £50 million of finance for energy efficiency projects.
Each institution is committing £25 million each towards the investment fund.
The first project to benefit from the partnership is at Rampton Hospital where £5 million will fiancé the installation of a combined heat and power plant, dual fuel boilers, biomass boilers, and an effluent treatment plant.
Shaun Kingsbury, UK GIB chief executive, 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.
“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 the project at Rampton Hospital will save the hospital £1.7million and it will also save 88,000 tonnes of CO2e over the lifetime of the project.
It will also generate around 5,000 MWhth per annum of renewable heat. The effluent treatment plant will improve wastewater quality and energy efficiency.
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