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The Mayor of London's Energy Efficiency Fund

Meef Dev Fun Logos Meef Dev Fun Logos

The Mayor of London’s Energy Efficiency Fund (MEEF) is a £500 million investment fund established by the GLA with funding from the European Commission, which will help achieve London’s ambition of being a net zero carbon city by 2030.

MEEF seeks to address market failures in London’s low carbon sector by providing flexible and competitive finance to enable, accelerate or enhance viable low carbon projects across London.

MEEF builds on the success of the GLA’s London Green Fund including the Amber managed London Energy Efficiency Fund (LEEF). MEEF’s investment period is until May 2025.

Since its launch in July 2018, MEEF has mobilised over £420 million of capital and reduced London’s CO2 emissions by more than 32,100 tonnes, which is equivalent to taking 29,150 cars off the road.

image of buses

Abellio Bus Depot, UK

MEEF has been used as a case study to demonstrate London delivering on its low-carbon targets. More information can be found in the following articles:

Amber Fund Management Limited is authorised and regulated by the Financial Conduct Authority to act as the Manager of MEEF and to promote the Fund in the United Kingdom.

About MEEF

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

A minimum of 70% of investments must be to the public sector. Up to 30% of investments can be in the private sector.

MEEF can invest in projects in both the public and private sectors. See the associated fact sheets below:

MEEF can fund up to 100% of the capital cost of a £0.5 million+ project but could also part fund large scale regeneration projects which will have low carbon credentials:

  • Energy Efficiency
  • Decentralised Energy
  • Small Scale Renewables
  • Energy Storage
  • Regeneration Projects
  • Electric Vehicle
  • Charging Infrastructure

MEEF predominantly provides senior debt but will consider mezzanine and equity opportunities.

MEEF seeks to address market failure by providing competitive and flexible state aid compliant finance to projects, including funding for c.15 years.

MEEF is funded with over £500m of commitments from the GLA, Amber and commercial funders. This provides MEEF with a breadth of funding appetite, allowing MEEF to deliver an appropriate suite of funders for each project.

MEEF is actively welcoming financing enquiries from prospective project sponsors.

Investment policy

Investment products

The fund provides repayable construction finance, predominantly in the form of senior loans, but also with the potential for mezzanine and equity.

Eligible borrowers and projects

The fund can lend to public sector, private sector or joint venture entities, including Energy Service Companies (ESCOs).

Eligible technologies

MEEF will finance a broad range of Energy Conservation Measures (ECMs) to provide energy or carbon saving benefits. This includes, for example, boiler replacement, Combined Heat and Power (CHP), insulation and ground source 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

The fund targets investments of between £3 million – £20 million but can consider larger or small investments. Smaller projects will be considered on a case-by-case basis, but it may be appropriate to group buildings or parts of a project together for financing. Draw-down of funds can be upfront or on a phased basis during construction

Performance targets

MEEF is a sustainable investor, targeting socio-economic and financial returns on investment. Projects supported by MEEF should aim to deliver Energy Savings (kWh) from the Energy Conservation Measures (ECMs) of at least 20% and/or CO2 reduction of £7,000 of investment per tonne of CO2 saved.

Comparable advantages

MEEF provides many advantages over other potential sources of finance including:

  • There is no set payback period required with maximum loan terms of up to 15 years
  • MEEF’s flexibility allows it to invest across a number of structures such as project or corporate finance. MEEF seeks to structure the transaction so that a highly-competitive rate can be offered on state aid compliant terms
  • MEEF reviews applications from projects on an ongoing, rolling basis, with no deadline for applications or ‘funding rounds’
  • MEEF seeks to address market failure and hence can provide flexible terms, for example, the potential to roll-up interest during construction, to allow early repayment at no cost, to sculpt interest payments to energy savings for innovative technologies
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Application process

MEEF aims to operate a streamlined application process with a quick turnaround on investment decisions; and the provision of standardised, short-form template loan documentation.

Potential project sponsors should contact the MEEF team for an informal discussion on progressing an application. An overview of the process is set out below, please fill out the MEEF Project Outline Application Form and submit to the MEEF team.

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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 Energy Conservation Measures (ECMs) to be used, and the forecast carbon and energy savings.

The MEEF 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 will be undertaken to provide assurance on the project and its ability to deliver savings and repay the Fund’s investment.

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

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

Investment monitoring

Standard reporting on the project’s progress is expected during construction and operational periods.

For MEEF, 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 MEEF 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.

To discuss a potential project or applying for a MEEF loan please contact the team.

Which sectors can MEEF invest in?

MEEF is open to all of London’s public sector and can also invest in Energy Service Companies (ESCOs), Special Purpose Vehicles (SPVs) and SMEs.

What technologies are eligible for MEEF?

A wide range of Energy Conservation Measures (ECMs) can be funded by MEEF. If you are considering alternative technologies, please contact MEEF to see if this is included.

Can MEEF fund ECM technologies in new infrastructure?

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

Do projects need to use the GLA's procurement frameworks in order to be eligible for MEEF?

No. Projects must be able to demonstrate that they have followed best practice from a procurement perspective such as OJEU procurement form public sector projects.

DEEP (Decentralised Energy), RE:FIT (Public Sector focus) and RE:NEW (Social Housing focus) provide an OJEU-procured framework open to all public sector bodies wishing to make energy and CO2 savings and MEEF’s objectives are closely aligned to these frameworks including in terms of approach, eligibility and outputs, and the teams work closely together.

To learn more about the GLA’s procurement frameworks please visit:

Will MEEF fund renewable generation projects that qualify for a government subsidy such as HNIP or PSDS funding?

Yes. As part of MEEF’s due diligence we work with projects to ensure that they are compliant from a state aid perspective.

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

MEEF requests that projects provide a Measurement and Verification (M&V) plan based on the principles and approach of IPMVP.

How is 'London' defined?

The project must be located within the 32 London Boroughs or the City of London.

How do I make a formal application?

Contact MEEF for an initial discussion with a view to completing the Application Form.

What are the fund's performance targets?

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

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

  • Decrease in energy consumption
  • Decrease in CO2 creation
  • Creation of renewable energy capacity
  • 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 MEEF provide?

MEEF can provide senior debt, mezzanine debt or equity depending on the requirements of the project.

What type of structures can MEEF provide?

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

MEEF can also provide framework loans which can be used for numerous smaller projects over a period of time as well as funding individual projects.

Is there a deadline to apply for funding?

No, applications can be made at any time up to 31 May 2025.

What is the minimum and maximum investment size?

MEEF is targeting investments from £3 million to £20 million but will consider investments of £0.5 million+.

How long can an investment be?

MEEF can invest for up to 15 years.

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

MEEF is funded by ERDF and private sector funding at a fund level.

As such MEEF can fund up to 100% of costs depending on the project and borrower.

What is MEEF's cost of capital?

MEEF 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.

MEEF invests on state aid compliant terms by utilising state aid measures such as the General Block Exemption Regulation and De-Minimis Regulation.

MEEF news

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News can be found by using the filter or search field below:

MEEF contacts

General enquiries

MEEF contacts

Amber Infrastructure Ltd

Joanne Patrick

3 More London Riverside, London SE1 2AQ

020 7939 0550

Amber Infrastructure Ltd
3 More London Riverside
London SE1 2AQ

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