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.

Sector
Status
Location
Ownership
Financial close
Concession term
LBH tower landscape low res.jpg
LBH tower landscape low res.jpg

THE BACKGROUND

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

Facts

Households improved

600

Average energy bill reduction

£980