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Green Investment Bank announces biomass funding

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The Equitix managed fund, Energy Saving Investments (ESI), in which the UK Green Investment Bank (GIB) is a cornerstone investor, has today announced an investment of £4.9 million into its first energy efficiency project.

This investment mobilises a further £5.1 million of investment from the Equitix Energy Efficiency Fund (EEEF) in a project which will see inefficient heating systems, in both public and private community facilities, replaced with biomass boilers. 

The £10 million investment is being made through Roundwood Energy Limited which is supported by technology partner and biomass manufacturer Woodpecker Energy. Over 60 projects are expected to be financed by the deal which could see a total of 150,000 tonnes of CO2 emissions saved over a period of 20 years.

Shaun Kingsbury, chief executive of UK Green Investment Bank, said: “The Green Investment Bank is helping to fund energy efficiency measures for everyone from our largest companies, to individual households through the Green Deal.

“Today’s announcement will provide a low-cost and straightforward way for a range of organisations like schools, leisure centres and local businesses to switch their old, inefficient and high emission boilers for new energy efficient biomass ones; saving energy, cutting emissions and saving them money.”

Geoff Jackson, chief executive of Equitix, added: “Starting this programme demonstrates the viability of these projects to commercial customers who wish to achieve energy savings and a reduction in carbon emissions.  The growing pipeline of similar future projects makes this an attractive sector for our investors.”