New £50m GIB fund for energy efficiency

The Green Investment Bank has launched a £50 million fund with Societe Generale Equipment Finance to pay for energy efficiency projects

It will enable organisations to put in place energy efficiency measures without having to fund the finance up front, said the bank.

The first project to benefit is Rampton Hospital, a high-security facility managed by Nottinghamshire Healthcare. It will receive £5 million to install of a combined heat and power plant (CHP), dual-fuel boilers, biomass boilers and an effluent treatment plant.

The bank estimates that new equipment will save the hospital £1.7 million and reduce CO2 equivalent emissions by 88,000 tonnes over the lifetime of the project.

The CHP plant will generate around 5,000 MWh of renewable heat a year, and the effluent treatment plant will improve wastewater quality and energy efficiency.