- JESSICA commitments reach £44.3 million -
Amber Infrastructure Limited (“Amber”), the leading manager of and investor in social and economic infrastructure projects, is pleased to announce the completion of a £9.6 million investment for a regeneration project in Scotland.
Amber has now delivered over £44 million of new investments for the three Joint European Support for Sustainable Investment in City Areas (JESSICA) funds it manages this year.
JESSICA is an initiative established by the European Union with funding from the European Regional Development Fund (ERDF) and government to enable the creation of recyclable regeneration funds that are run by the private sector and Amber manages three such funds:
- The Scottish Partnership for Regeneration of Urban Centres (SPRUCE)
- The London Energy Efficiency Fund (LEEF) and
- The Regeneration Investment Fund for Wales (RIFW)
The European Investment Bank supports JESSICA implementation, and is the Holding Fund Manager for Scotland and London.
The latest loan facility – provided to construction group BAM – will part fund the redevelopment of an eight storey office building in Queen Street, Glasgow and is the second scheme to be seeded from the Scottish Government’s £50 million Scottish Partnership for Regeneration of Urban Centres (SPRUCE) fund, which offers loans to regeneration and energy efficiency projects in 13 local authority areas. Amber also recently completed a £2.1 million investment in an industrial development sponsored by a public-private joint venture in Dundyvan, Scotland.
Awareness of the benefits that this public and private co-investment programme is growing within local communities, public bodies and private sector developers across the UK. The breadth of JESSICA projects delivered by Amber -– from urban regeneration through to low carbon infrastructure, further underpins the flexibility of this funding model which can address market failures and deliver socio-economic and environmental benefits.
Earlier this year Amber completed the first investment for the £100 million London Energy Efficiency Fund (LEEF), which is part funded through the Greater London Authority from the Mayor’s London Green Fund. LEEF made a £19.8 million loan to a public art gallery to support the financing of energy saving measures and innovative renewable technologies. A £13 million investment from the £55 million Regeneration Investment Fund for Wales (RIFW), which is funded by the Welsh Government, has also facilitated the redevelopment of Neath Town Centre in Wales by provision of funding to the Local Authority.
Amber continues to work closely with its public sector partners across the three funds to progess a healthy pipeline of projects that will receive the remaining JESSICA funding by 2015.
Jenny Curtis, JESSICA Director at Amber commented “We are delighted to invest a further £9.6 million in Queen Street, Glasgow which takes Amber’s overall investment in JESSICA related projects to date to £44.3 million. Amber is drawing upon its experience in originating, investing and developing a wide range of assets to successfully deliver JESSICA funding that will provide significant local economic benefits across the UK. We will continue to invest in the strong pipeline of opportunities in London, Scotland and Wales as we seek out attractive future projects.”
For further information:
Amber Infrastructure Limited
Jenny Curtis +44 (0)20 7939 0597
Erica Sibree +44 (0)20 7939 0558
Ed Berry +44 (0)20 7269 7297
Harry Stein +44 (0)20 7269 7141