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Small and medium sized enterprises (SMEs) will be granted £2 million to invest in energy efficiency.
The UK Green Investment Bank (GIB) and its fund manager Sustainable Development Capital LLP (SDCL) have announced £1 million of funding, which has been matched by SI Capital.
The money will be invested into ReEnergise Finance Ltd’s Smart Energy Finance vehicle, which has been set up to provide loans, primarily to SMEs, for energy efficiency projects.
This investment is expected to fund up to 20 projects, typically from £20,000 to £400,000, and could include biomass boilers, low-energy lighting, and combined heat and power.
Shaun Kingsbury, GIB chief executive, said: “Energy is a significant cost for any company, and putting in place energy efficiency measures will have a real impact on these organisations’ bottom line.
“The funding model means that they won’t need to find the capital upfront, and can pay for the capital costs from the savings they make on energy bills.”
Energy and business minister Michael Fallon added: “This is a welcome investment that helps small businesses and shows that going green isn’t just about building offshore wind farms or new energy plants.
“Any good business should want to become more efficient and saving on energy costs makes good business sense.”
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