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The Green New Deal Fund

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The Green New Deal Fund (GNDF) is an investment fund established by the North East Combined Authority (NECA) to provide finance to small and medium-sized enterprises (SMEs) and the public sector to reduce carbon emissions, create green jobs and develop skills in the region.

The GNDF can invest through either loans, equity, grant or a combination of thereof. It is geographically limited to the Newcastle, North Tyneside and Northumberland regions.

GNDF seeks to support the low carbon sector by providing flexible and competitive finance to enable, accelerate or enhance viable low carbon projects.

GNDF aims to catalyse investment in green growth, stimulate innovation, create green jobs and enable sector and supply chain growth in the areas of decentralised energy, heat decarbonisation, energy efficiency, small scale renewable energy generation, local energy systems, low carbon transport and natural capital.

For queries on GNDF or to discuss potential projects, please contact the GNDF team.

Amber Fund Management Limited is authorised and regulated by the Financial Conduct Authority to act as the Manager of GNDF.

About GNDF

GNDF invests in a wide range of technologies and projects which will deliver carbon and energy savings to the public and private sectors.

GNDF seeks to catalyse investment in the low carbon sector to create and establish green jobs and supply chains in the region.

GNDF can invest in projects in the public and private sectors:

GNDF can fund up to 50% of the capital cost of a project or provide 50% of any growth funding to an SME. GNDF can invest alongside other sources of public or private funding subject to compliance with the Subsidy Control regime.

GNDF can also provide finance for the low carbon elements of a regeneration project.

GNDF is funded with commitments from the North East Combined Authority and Amber. The GNDF requires project level match, the GNDF team can help to secure competitive project match funding from commercial banks or can use the projects own source of funding.

GNDF is actively welcoming project financing enquiries from prospective project sponsors.

Investment policy

Investment products

GNDF can provide loans, grant and equity. A project can apply for more than one type of funding. GNDF cannot invest in completed projects.

Eligible borrowers and projects

GNDF can lend to public and private sector entities, including ESCOs, local authorities, SMEs, education (higher & further), health, SPV, not for profit and community schemes.

Eligible technologies

GNDF will finance a broad range of energy conservation measures (ECMs) to provide energy or carbon saving benefits. This includes, for example, boiler replacements, electric vehicle charging and heat pumps.

The below is a list of ECMs but please contact the team if your ECM saves energy but is not listed.

Investment size

GNDF targets investments of between £0.2 million to £2 million but can consider larger or smaller investments. Smaller projects will be considered on a case-by-case basis, but it may be appropriate to group buildings or part of a project together to achieve scale. Drawdown of funds can be upfront or on a phased basis during construction.

Performance targets

GNDF is a sustainable investor, targeting socio-economic and financial returns on investment. Projects supported by GNDF should aim to deliver energy cost savings from the ECMs of at least 10% and/or a CO2 reduction equivalent to 1 tonne of CO2/£4,525 invested, and achieve at least 10% reduction in energy costs.

Application process

GNDF aims to operate a streamlined application process with a quick turnaround on investment decisions; and the provision of standardised, short-form template loans, equity or grant documentation.

Potential project sponsors should contact the GNDF team for an informal discussion on progressing an application. An overview of the approval process is set out below.

GNDF reviews applications from projects on an ongoing, rolling basis, with no deadline for applications or ‘funding rounds’ except any applications have to be made before October 2025.

Project outline information

The application process includes the completion of the ‘Project Outline’ document. This sets out key information about the financial structure of the project, the ECMs to be used, and the forecast carbon, energy savings and jobs created.

In cases where the net benefit of the grant award is based on technology development or investment in natural capital the projected benefits of the invested sums need to be set out in a clear way over an agreed timeline, and all returns defined, whether this is in financial terms or environmental benefits to the wider community.

The GNDF team will assist potential applicants with this process; including reviewing drafts and discussing structures and the Fund’s approach to measuring outputs. Feedback will be provided on all applications, which may include requests for further information. Indicative term sheets can be issued after reviewing the supplied information.

Due diligence and investment decision

Prior to investment, technical, financial and legal due diligence including compliance with the Subsidy Control regime will be undertaken to provide assurance on the project and its ability to deliver the claimed outputs, repay the Fund’s investment (where applicable) or show evidence that in the case of a grant award it will instigate results whether in technology development, business growth or other wider social, environmental or educational benefits to the region.

A draft funding agreement will be provided, setting out the terms of the investment, including pricing, drawdown and repayment profiles where applicable, and reporting arrangements.

Once due diligence has been completed, and the funding documentation agreed, the GNDF team can recommend an application for final approval from the Investment Committee.

Investment monitoring

Reporting on a project’s progress is expected during construction and operational periods.

For GNDF, part of this reporting is on the implementation and results of the agreed ‘Measurement and Verification Plan’, where evidence of the energy and carbon savings made should be provided. The GNDF team and its appointed technical advisor may need to visit the installations and review energy savings, but this will be agreed at a convenient time with the project sponsor.

In the case of equity investments, the GNDF requirements will be more focused on progress relating to the goals set out in the application form around what the equity has been used for and what the expected outcomes from the original investment will be, whether this technology development or growth capital or the wider community benefits.

In the case of grant the expected outcomes will be required to be tracked and reported on to show how the grant benefited the recipient or the wider community through either measured metrics relating to the standard GNDF eligibility criteria or through pre agreed metrics relating to the project with the GNDF panel and assessment teams at the application stage of the project.  

Which sectors can GNDF invest in?

GNDF is open to the public sector and can also invest in energy service companies (ESCOs), special purpose vehicles (SPVs) and small and medium-sized enterprises (SMEs).

What technologies are eligible for GNDF?

A wide range of energy conservation measures (ECMs) can be funded by GNDF.

If you are considering alternative technologies, please contact GNDF to see if this is included.

Can GNDF fund ECM technologies in new infrastructure?

Yes, as well as funding improvements to existing building stock GNDF can also fund new build decentralised energy projects which can demonstrate a carbon saving to the counterfactual. Please contact the GNDF team for a discussion.

Will GNDF fund renewable generation projects that qualify for a government subsidy such as RHI or FITS?

As part of GNDF’s due diligence we work with projects to ensure that they are compliant from a Subsidy Control perspective.

Is there a particular methodology that should be used to calculate energy savings?

GNDF requests that projects provide a measurement and verification (M&V) plan based on the principles and approach of IPMVP.

How is the 'North Tyne Combined Authority region' defined?

The project must be located within one of the following local authorities: Newcastle City, Northumberland and North Tyneside.

How do I make a formal application?

Contact GNDF for an initial discussion with a view to completing the ‘Project Outline’ form.

What are the fund's performance targets?

GNDF is a sustainable investor, targeting a socio-economic return as well as a financial return on investment while addressing market failure.

GNDF seeks to invest in projects that contribute towards one or all of the following:

  • Decrease in energy costs
  • Decrease in CO2 emissions
  • Creation of renewable energy capacity
  • Creation of skilled green jobs and supply chains within the North Tyne Combined Authority Region
  • Deployment of Natural Capital

There may be additional targets specific to each project and these will be discussed at the 'Project Outline' stage of the application process.

What type of funding can GNDF provide?

GNDF can provide loans, grant or equity depending on the requirements of the project.

What type of structures can GNDF provide?

GNDF can provide corporate or project financing solution depending on the needs of the project.

Is there a deadline to apply for funding?

No, applications can be made at any time up to October 2025.

What is the minimum and maximum investment size?

GNDF is targeting investments from £0.2 million to £2 million.

How long can an investment be?

The maximum investment term for GNDF is up to 15 years for longer payback projects. Please reach out to the GNDF team to discuss your Project further for an accurate indication of the term GNDF could provide.

Is match funding required to be provided by the project in order to access GNDF?

GNDF is funded by public sector commitments from the NTCA.

As such GNDF can fund up to 50% of costs depending on the project and borrower.

GNDF can help source the match funding through its relationship with a number of commercial lenders, alternatively GNDF is happy to work with a Project’s own source of finance.

What is GNDF's cost of capital?

GNDF provides competitive and flexible solutions to address market failure in the low carbon sector by working with each project to provide a bespoke solution that addresses the financing needs of a project.

GNDF invests on Subsidy Control regime terms by utilising measures such as the Market Economy Investor Principle (MEIP) and De-Minimis Regulation.

GNDF contacts

Oliver Houlden

For general enquiries

020 7939 0550
07788 243 232

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