Projects and Eligibility

LEEF is open to the Private Sector as well as the Public, Voluntary and Third Sector bodies including Private Sector Landlords, Owner-Occupiers, Tenants, Developers, Energy Service Companies (ESCOs) and Joint Ventures/Special Purpose Vehicles.

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

LEEF's core objective is to help facilitate improvements to existing building stock. Where extensions are being made to buildings or systems linked between old and new premises, this may meet the fund criteria, particularly for innovative, low carbon projects. Please contact the LEEF team for a discussion.

No. 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. Both frameworks do not include the provision of finance, and all projects will need to provide funds, which could be delivered through LEEF.

RE:FIT, RE:NEW and LEEF are aligned in terms of approach, eligibility and outputs, and the teams work closely together. Free support is available to assist projects with development, preparing mini-competitions and selecting suppliers.

The use of RE:FIT or RE:NEW is not a requirement of LEEF funding, and projects can be procured and delivered in a range of ways. For example, some public bodies have internal energy teams that prefer to run their own procurement processes for suppliers of works, or have existing arrangements with construction firms through framework or partnering arrangements. LEEF will fund any project that meets its investment criteria, as long as the works are procured on best value principles and are undertaken by a reputable provider.

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Yes, renewable technologies are eligible as part of a retrofit project, although LEEF is unlikely to fund projects composed solely of solar PV. Any revenues or subsidies received by the project will be taken into account in the assessment of project viability, but there is no reason why the FiT cannot be included. Likewise, RHI-technology uptake is encouraged and will not affect LEEF funding.

Energy calculations are to be proposed by the applicant; however:

No, but in order to receive funding you will need details of cost, carbon and energy savings for each proposed technology. This could be collected internally or you may commission an external study. Limited costs for professional fees may be rolled in to the cost of the LEEF loan. The RE:FIT or RE:NEW Programme Delivery Units (PDU) may be able to provide some free assistance with project development (Public Sector or Social Housing respectively). Click here for more information. 

The LEEF team welcomes discussion with any project sponsors promoting off balance sheet solutions. Depending on the project structure, financing arrangements, types of technology and allocation of risk or rewards, borrowers may be able to structure projects either on or off balance sheet.

The project must be located within the 33 London Boroughs.

Contact LEEF for an initial discussion with a view to completing the Project Outline spreadsheet.

LEEF is a sustainable investor, targeting a socio-economic return as well as a financial return on investment. Projects supported by LEEF should aim to deliver Energy Savings (kWh) from the Energy Conservation Measures funded of at least 20% compared to conditions prior to investment.

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

Funding Terms

Lending rates are highly competitive, and provide flexible terms to allow debt service to be matched against energy savings and thus be revenue neutral. Corporate and project specific loans are both available.

No, applications can be made at any time, although there is a limited pot of LEEF money available.

LEEF is targeting investments from £3m – £10m (with a potential of up to £20m), although smaller projects may be considered on a case by case basis, and/or it may be possible to aggregate a number of projects through a facility agreement over a longer period.

The Fund encourages project sponsors to consider how best to achieve economies of scale, for example by grouping buildings or eligible parts of broader refurbishment projects together. Draw down can be upfront or on a phased basis.

Salix funding is interest free, but is a very limited pot and has fixed payback periods. LEEF finance is focused solely on London and has more flexible terms.

No, LEEF will finance up to 100% of costs depending on the project and borrower.

LEEF can provide a facility agreement whereby funding is drawn down in tranches over a two to three-year period, as long as an outline of the eligible works is available at the point the loan agreement is signed, and details provided before drawdown of each tranche.

LEEF is expecting to offer loans of up to ten years, although this is open to discussion. The Fund may also offer flexible terms that facilitate early repayment if this is required.