In December 2015, LEEF funded the largest new build energy centre and residential heat network in Europe at the landmark Greenwich Peninsula regeneration development.

Grenwich-Penisula-ESCO-Limited.jpg
Grenwich-Penisula-ESCO-Limited.jpg
Sector
Sustainable Energy
Status
Operational
Location
London, England
Ownership
Private
Financial close
December 2015
Concession term
6-year loan

THE BACKGROUND

Led by developer Knight Dragon, Greenwich Peninsula is one of the largest projects of its kind in Europe with a mix of commercial, retail, entertainment, community and residential units. The delivery programme for the scheme extends to 2035. LEEF finance significantly leveraged both private and public sector financial support for the scheme.

The Optic Cloak is the flue for the Peninsula’s low carbon Energy Centre.

The district heating network is operated by Greenwich Peninsula ESCO Limited (GPEL), with Kier as primary energy centre contractor. The energy centre uses pioneering technology relating to network temperatures, and houses advanced boilers and combined heat and power to provide heat energy to all plots on the 150 acres across the Peninsula.

The GPEL heat network is underpinned by an independent governing body that looks after residents’ interests and ensures value for money in the costs of heat. It also includes a new Visitor Centre that will show the surrounding neighbourhoods how district heating operates and its benefits to the wider community.

Development works are on-going and practical completion is expected in 2017. Highlights of the deal include:

  • 15,000 residential units and 3,500,000 sqft of commercial space served by gas-fired combined heat and power plant heat network
  • Substantial (20,000 tonnes p.a.) carbon savings over the life of the project; equivalent to 18,000 cars taken off the road
  • The Energy Centre flue is clad with a bespoke art installation – ‘The Optic Cloak’, which is 49 meters tall, 20 metres wide and 3 meters deep, and marks the gateway to the Peninsula and makes a landmark feature.
  • LEEF’s first private sector deal
  • Greenwich becomes the 9th London Borough where LEEF has supported projects
  • Completes LEEF’s initial funding phase, subsequent projects used recycled LEEF funding for this evergreen fund

SDGs Supported

 

Carbon savings pa (tonnes)

20,000 t

GPEL heat customers

15,000
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