The LEEF fund, managed by Amber, provided a £4.6m loan facility to the London Borough of Hackney’s RE:NEW project to finance energy efficiency improvements.
The senior debt facility supported the installation of communal heating networks across ten separate social housing high-rise blocks owned and managed by Hackney Homes (the LBH social housing management provider).
The project addresses fuel poverty by replacing electrically heated systems with a more efficient gas alternative.
Project highlights included:
- Installation of a communal heating system in ten social housing blocks, providing significant fuel poverty alleviation
- Procured via the Greater London Authority’s RENEW framework
- Provision of energy to 1,500 social housing tenants; average energy bill reduced by 56% (£980)
- Potential 40% carbon savings due to fuel switch
- Private sector finance, from Npower, in the form of an Energy Company Obligation grant; for individual home works
- Council benefits from lower maintenance costs and Operation & Maintenance contract with an Energy Services Company
Average energy bill reduction