In 2015 SPRUCE provided a £5m senior debt facility to the Cube Housings Association (a wholly owned subsidiary of the Wheatley Housing Group) to be used for the part-financing of a distributed energy and building fabric improvement project for multi-story stock at Cube’s Broomhill and Gorget Estates in Glasgow.
THE BACKGROUND
The aim of the project was to substitute the existing electric heating and domestic hot water systems within the residences with a wet (radiator) system centrally fuelled by biomass with gas back-up. Retrofit insulation also formed part of the project.
As such, the project focuses on both energy supply side carbon dioxide reductions as well as demand side energy conservation measures, and has helped to alleviate fuel poverty for the Cube tenants within the units. In addition Cube has benefited from the reduced on-going maintenance costs of a district heating scheme compared to its previous system.
Additional support for the project came from an Energy Company Obligation contribution from a major utility provider.
SDGs Supported
FACTS
Annual CO2 saving
2,000 tonnes
SPRUCE investment
c. £5m