LEEF provided corporate loan finance to complement the Council’s other funding sources and deliver a range of energy efficiency projects within Croydon’s Capital Programme.

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Croydon Clocktower-sml.jpg
Sector
Status
Location
Ownership
Financial close
Concession term

THE BACKGROUND

Croydon Council had an extensive programme of low carbon projects designed to help reduce the Council’s £6m annual energy bill. This combined with other capital commitments resulted in a substantial borrowing requirement. Through working closely with the Council’s team, LEEF provided £3.6m of competitive finance on more flexible terms than PWLB to identify and fund the eligible works.

By investing in its buildings, Croydon secured a number of positive outcomes including significant financial, energy and CO2 savings, reduced maintenance and a more comfortable internal environment for building occupants; all of which contribute towards the Council’s objective of becoming a more efficient organisation.

  • Over 50 separate sites extensively retrofitted, including: schools, libraries and civic buildings
  • Forecast energy savings of between 10% and 30% per building
  • An Energy Services Company (‘ESCo’) was procured to deliver elements of the work under the GLA’s RE:FIT framework, which includes the benefit of an energy savings guarantee
  • Energy Conservation Measures will include: Fabric improvements; Renewable energy integration; Biomass boilers; Boiler and chiller upgrades; LED lighting

Facts

Project capital cost

£3.6m

Number of Council buildings upgraded by LEEF

50