Amber Green completes milestone £50 million improvement programme to boost London's energy efficiency
The London Energy Efficiency Fund has invested in annual reductions of 16,000 tonnes of CO2 emissions and £3.8m of energy costs while mobilising £250m of finance in the Capital.
Amber Green (“Amber”), a division of specialist infrastructure fund manager Amber Infrastructure Limited, today announces that it has completed the investment of an initial £50 million funding round for the Mayor’s London Energy Efficiency Fund (“LEEF”). Since 2011, Amber has sourced and completed energy efficiency investments across London, partnering with public and local authorities, and NHS Trusts.
As a result of completing the first investment round eighteen months ahead of schedule, LEEF has been awarded a further c.£11.5m tranche of funding from the Mayor’s London Green Fund; a first for Joint European Support for Sustainable Investment in City Areas (JESSICA) funds in the UK.
The new funding will be invested in similar energy efficiency infrastructure projects in London, alongside recycled capital and further EIB funds during the next investment cycle to August 2018.
Since its formation in September 2011, LEEF has invested capital in a diverse portfolio of projects concentrated on the installation of technologies that help reduce carbon emissions and improve energy performance. Based on technical appraisals, the projects will collectively create over 1,400 jobs and mobilise £250m of finance in the capital, whilst providing annual reductions of 16,000 tonnes of carbon and £3.8m in energy costs – equivalent to heating 1,500 homes and removing 14,500 cars from the roads.
These projects include:
- £20 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 its 25% reduction target by 2015.
- £12 million to St. George’s Healthcare NHS Trust Hospital, Tooting to cut the hospital’s energy output by 39% and reduce carbon emissions by 6,000 tonnes per annum, allowing the savings to be invested into medical care, training and research facilities.
- £4.6 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% and securing average savings of £980 for over 1,500 tenants.
- £20 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% annual energy saving and a 45% reduction in Tate Modern’s gas consumption alone.
In support of LEEF’s achievements, Mayor of London, Boris Johnson said: “We need to do everything possible to make the most of our resources, reduce carbon emissions and create a more secure, cost-effective and sustainable heat and power supply across London. Retrofitting older homes and buildings has a pivotal part to play in this, while also helping to save us all money on fuel bills. With these innovative energy saving technologies, London is leading the way as a 21st Century world city.”
Leo Bedford, Director of LEEF at Amber said: “Delivering a diverse range of projects eighteen months ahead of schedule underlines the key role LEEF is demonstrating by investing in infrastructure which cuts energy costs and reduces carbon emissions, whilst delivering a return to our investors. The Mayor’s pledge of an additional £11.5 million demonstrates his commitment to energy efficiency investment and the appetite for LEEF’s type of funding. We are proud of our achievements to date and confident that LEEF will remain an integral part of this long-term initiative.”
For further information:
Erica Sibree +44 (0)20 7939 0558
Amber Fund Management Limited
Mitch Barltrop +44 (0)20 3727 1039
Notes to Editors:
About the London Energy Efficiency Fund
Launched in September 2011, LEEF is funded through £50m of public investment from the Mayor’s London Green Fund, and up to £50m from The Royal Bank of Scotland (RBS).
The fund is managed by the Amber Green Consortium, which comprises the lead sponsor and manager Amber Infrastructure, RBS (as funder) and Arup (as technical advisor).
LEEF is part of the European Commission’s JESSICA initiative.
About Amber Infrastructure Group
Amber Infrastructure Group (Amber) is a leading international infrastructure specialist, providing asset management and investment advisory services in respect of over £4 billion of assets in the UK, Europe, Australia and North America. Amber’s core business focuses on sourcing, developing, advising on, investing in and managing infrastructure assets within the utilities, PPP, transport, renewable energy and regeneration sectors.
Amber provides investment advisory services to International Public Partnerships Limited as well as private investment funds, specialising in urban regeneration and energy efficiency. Amber is headquartered in London with offices in Munich, Sydney, Melbourne and San Francisco and employs approximately 80 people, making it one of the largest international infrastructure specialists.
Amber Green is the specialist brand and team created by Amber Infrastructure Limited to advance Amber’s work in the energy, renewable, regeneration and sustainability arenas.
About the London Green Fund
The London Green Fund is a £110million fund comprising of £60 million from the London 2007-13 European Regional Development Fund programme, £32 million from the former London Development Agency and £18 million from the London Waste and Recycling Board. It has been designed to promote the development of a thriving low carbon economy in the capital in line with the Mayor of London, Boris Johnson's environmental and economic priorities. Repayments back to the fund will be recycled to support further projects.
JESSICA - Joint European Support for Sustainable Investment in City Areas, is an initiative of the European Commission developed in co-operation with the European Investment Bank (EIB) and the Council of Europe Development Bank (CEB). It supports sustainable urban development and regeneration through financial engineering mechanisms.