Green Investment Bank pledges £50m funding for energy efficiency

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The Green Investment Bank has announced a partnership with a French finance group to fund energy efficiency projects. These include one at Rampton Hospital in Nottinghamshire, which is set to save the organisation £1.7m in bills.

The government-backed GIB has teamed up with French finance firm Societe Generale Equipment Finance (SGEF), in order to provide £50m in energy saving funding.

The first one will be a scheme to install combined heat and power plant, dual fuel boilers, biomass boilers and an effluent treatment plant at Rampton Hospital in Nottinghamshire.

Shaun Kingsbury, chief executive of the GIB, 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.

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    “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 scheme would help the hospital saving £1.7m and 8,000 tonnes of carbon dioxide per year.

    Health minister Norman Lamb welcomed the announcement, saying, “It is great to see the Green Investment Bank helping the NHS to save money and reduce emissions.

    “I want all parts of the NHS look at how they can reduce their energy consumption, and I hope to see more hospitals across the UK benefit from the scheme announced today.”

    The project has been met with enthusiasm by Dr Mike Harris, executive director of forensic services at Nottinghamshire NHS Trust.

    He said, “On completion the Trust will benefit from a new efficient and resilient plant, responsive specialist operator support and experience, plus government incentive schemes such as the Renewable Heat Incentive (RHI), along with significant financial savings which can be invested back into services for patients.”

    Further reading:

    Green Investment Bank to invest in Birmingham renewables project

    Green Investment Bank launches waste-based energy project

    Green Investment Bank announces £11m investment in biomass plant

    Green Investment Bank reveals investment policies

    Cleantech venture investment at $6.8bn in 2013, led by energy efficiency