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London Energy Efficiency Fund invests GBP65m for a greener capital

Amber Green, manager of the London Energy Efficiency Fund (LEEF) has invested over GBP65 million of public funds to improve energy efficiency in over 76 public and private buildings across nine London boroughs.

The recent deployment of a GBP14.5 million loan agreement to finance the installation and operation of an energy efficiency heat network for 15,000 new homes in the Capital’s newest residential district, Greenwich Peninsula, marks the completion of LEEF’s initial funding cycle.
Since 2011, LEEF’s investments have supported 1,600 construction and operational jobs and will reduce CO2 emissions by 35,000 tonnes in London; the equivalent to removing 32,000 cars from the road.
Owing to Amber’s active approach to infrastructure asset management, LEEF will continue to re-invest recycled capital generated from the returns on initial seed investments maturing over the course of the next investment cycle to August 2018.
LEEF is part of the European Commission’s Joint European Support for Sustainable Investment in City Areas (JESSICA) initiative and has helped pioneer the Mayor of London’s urban regeneration agenda.
The initial LEEF funding round was completed eighteen months ahead of schedule in August 2014, releasing a further GBP11.5 million from the Mayor’s London Green Fund, all of which has now been invested as part of the GBP67 million milestone. In total, LEEF’s investments have enabled GBP470 million of projects throughout London, delivering a 6 times leverage effect from public seed capital.
LEEF’s investment portfolio now includes: GBP20 million investment to the Tate Foundation for the installation of low-carbon heat and cooling systems across the Tate’s London estate – including Tate Modern, Tate Britain and its local storage facilities – to achieve a 25 per cent annual energy saving and a 45 per cent reduction in Tate Modern’s gas consumption alone;
In addition LEEF has invested GBP14.5 million to Greenwich Peninsula ESCo Ltd (GPEL) for the installation of a heat network for over 15,000 homes and 3.5 million ft2 of commercial space in the Greenwich Peninsula, as part of a landmark GBP8.4 billion regeneration scheme surrounding the O2;
GBP12 million to St. George’s Healthcare NHS Trust Hospital, Tooting to cut the hospital’s energy output by 39 per cent and reduce carbon emissions by 6,000 tonnes per annum, allowing the savings to be invested into medical care, training and research facilities; and GBP6 million to the London Borough of Enfield for the Lee Valley Heat Network designed to heat and distribute water to over 6,800 homes and businesses, the first ever carbon-capture power facility to be operating in London and the first match-funding of JESSICA funds alongside an EIB loan.
LEEF has also provided GBP4.7 million to the Salters Livery Company for a series of energy system upgrades which will reduce consumption by 39 per cent; GBP4.6 million to London Borough of Hackney’s RE:NEW project to support new communal heating networks across ten housing blocks, reducing energy bills by around 56 per cent and securing average savings of GBP980 for over 1,500 tenants; and GBP3.5 million committed to London Borough of Croydon to fund an authority wide RE:FIT scheme installing energy saving infrastructure to reduce carbon emissions and helping Croydon to reach its 25 per cent reduction target by 2015.
Leo Bedford, Director of LEEF at Amber Green, says: “Since 2011, we have seen a huge rise in demand from public and private sector landlords in London to make the residential and commercial real estate they own and manage more energy efficient.
“Amber has worked with a number of public and private sector partners across the Capital to achieve a 30 per cent average reduction in energy consumption across LEEF’s portfolio, dramatically reducing the cost and carbon output in some of London’s most iconic real estate.
“We are now actively investing capital re-cycled from these initial investments and as the largest private sector asset manager of ERDF monies, we look forward to partnering with more of London’s larger property owners to develop Amber Green and LEEF’s highly credible track record of maximising investment opportunities for European funding and the Mayor of London’s London Green Fund.”

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