A £5 million programme to retrofit LED lights on commercial buildings has been announced by the Green Investment Bank (GIB).
Investment management business Equitix, which GIB supports, has established the £5 million fund. The first project to receive funding is at GKN Aerospace's Falcon Yard site on the Isle of Wight. The lighting will be installed by SSE Contracting.
The investment company's lighting division, Equitix ESI (Lighting), will own the new LED system at Falcon Yard, paying the costs of installation, operation and upkeep. GKN will lease it.
The project will be managed by Climate Energy, which has a pipeline of similar projects across the UK that will benefit from the £5 million programme. The new lighting systems will be designed individually for each site to optimise the light levels.
Bill Rogers, managing director at the GIB, said: "The installation of new, efficient and resilient lighting systems will help companies cut maintenance and running costs and contribute to reductions in energy consumption and carbon emissions, delivering cash savings and assisting the transition to a low carbon economy in the UK."
The GKN project is expected to be complete in December.