GDFC hopes to boost £244m funding package with debt facility

The Green Deal Finance Company (GDFC) says it is hoping to organise a debt facility with the European Investment Bank in order to increase its contribution to a £244m funding package agreed earlier this month.

£244m has been pledged by a number of stakeholders including DECC (£50m), UK Green Investment Bank (£125m) and 16 others to set-up, finance and administer Green Deal plans for consumers. GDFC says that should a debt facility be agreed, support available under the package will rise to over £300m. 

The GDFC also confirmed that it is offering an initial interest rate for green deal plans of 6.96 percent a year. Each green deal plan will carry a set up charge of £63 and an annual operating charge of £20.