LEEF provided £19.8m loan finance for the retrofit and installation of Energy Conservation Measures (ECMs) and low-carbon infrastructure to support the new extension at the Tate Modern, one of Britain’s best known tourist attractions.

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Tate.jpg
Sector
Status
Location
Ownership
Financial close
Concession term

THE BACKGROUND

Through combining retrofit activities and a pioneering design to link the energy systems of the site’s new and old sections, the Tate Modern will be able to increase its gallery space by 60% without increasing its carbon footprint, and become overall ‘carbon neutral’.

The LEEF facility is leveraged with private sector finance from RBS and is provided off balance sheet to the Tate Gallery via the Tate’s charitable subsidiary, the Tate Foundation.

Energy Conservation Measures include: Pioneering transformer waste heat recovery; River Thames bore-hole water cooling; Passive measures to building fabric; ‘Gallery standard’ lighting and controls.

 

Facts

Energy savings per annum

26%

LEEF investment

£19.8m