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.
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.
Energy savings per annum