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Tag Archives: London Green Fund
LEEF Drop In Session
October 2011: The London Energy Efficiency Fund (LEEF) is holding a drop in session at the offices of Arup (8 Fitzroy Street, London W1T 4BJ) between 12-4pm on 9 November where potential projects can meet the team for an informal session. A LEEF pre-application spreadsheet has also been posted online which will help start the process to determine whether a project is eligible for LEEF and to provide any indicative funding terms. The spreadsheet also lists a number of the energy solutions that are applicable for funding, including energy metering systems, efficient lighting installations, insulation, and also decentralised energy systems such as biomass boilers, CHP and photovoltaics.
LEEF Launch Event
October 2011: The launch of the London Energy Efficiency Fund (LEEF) took place on Monday 3 October to a packed audience where detail was provided of how a wide range of public sector bodies could apply to the £100m fund to invest in energy-saving measures. The presentations made at the event by fund manager Amber Infrastructure; RBS who are providing £50m of support funding; technical advisors Arup and also the GLA, are all available on the following document (1.1MB PDF). Further information on the fund is available at www.leef.co.uk.
London Energy Efficiency Fund
13 September 2011: The Lawyer website provides some further background on the London Energy Efficiency Fund (LEEF) – the new £100m loan facility to help energy efficiency retrofits in public sector buildings announced recently by the Mayor.
New Low Cost Loans to fund retrofitting of London’s buildings
2 September 2011: The Mayor announced today that “Hundreds of public buildings in London including schools, libraries and hospitals are set to get a green makeover, with low cost loans from a new £100 million fund”. The Mayor has agreed a £50 million contribution from the London Green Fund to set up the new London Energy Efficiency Fund (LEEF). LEEF will be led by Amber Infrastructure Limited and the press release states that “Amber has already expanded the fund’s value with upfront commitments for £50 million from RBS and the company is expected to leverage in further amounts over the life of the project.”
Further information provided at www.leef.co.uk sets out that eligible projects will aim to deliver:
- Energy Savings Ratio of at least 20% compared to conditions prior to investment
- Each £1500 LEEF Investment should achieve a reduction of at least one tonne CO2; and that
- The pricing of LEEF’s loans will be “dependent on the credit rating of the borrowing entity and the amount and level of security provided; the aim is to be able to structure the transaction so that a highly competitive rate can be offered.”
A list of eligible technologies that qualify for funding are also set out there. A brochure posted at the LEEF website also makes some interesting comparisons to how the fund will operate in comparison to the existing funding made available to public sector organisations through the Carbon Trust’s Salix programme. Further information on RE:FIT can be found here.
Making London the “Greenest Big City in the World”
25 May 2011: The Mayor’s Annual Report 2010-11 has just been published and pages 23-26 set out the Mayor’s activities on the environment over the year. The report highlights the development of the London Green Fund: consisting of £50 million of European Regional Development Funding (ERDF) matched by £32 million from the LDA and £18 million from LWARB. The Fund is “to play a big part in supporting and promoting a thriving low carbon economy in the capital”.
London ‘Energy Efficiency Urban Development Fund’ to be set up
18 May 2011: A paper on the London Green Fund (Public Item 2.5) presented at the LDA’s latest Board Meeting states that Amber Infrastructure Ltd has been selected by European Investment Bank (EIB) for managing the London’s ‘Energy Efficiency Urban Development Fund’, following approval from the London Green Fund Investment Board. The EIB will now seek to finalise the negotiation of a contract ahead of 22 June 2011, when the fund is expected to be launched. Initially, £50m will be committed to this UDF.
London Green Fund Brochure released
6 April 2011: The London Green Fund (LGF) is a £100 million fund set up to invest in schemes that will cut London’s carbon emissions. The fund was launched in October 2009 by the Mayor of London and the European Commissioner for Regional Policy – the first JESSICA Holding fund in the UK. It is made up of £50 million from the London ERDF Programme, £32 million from the LDA, and £18 million from the London Waste and Recycling Board (LWARB). The European Investment Bank manages the London Green Fund on behalf of the LDA and LWARB.The LGF will provide funding for two UDFs that will invest directly in waste and energy efficiency projects. These will be ‘revolving’ investment funds, where monies invested in one project are repaid and then reinvested in other projects. The scope of the LGF may be expanded in future to include support for medium and large scale decentralised energy systems.The manager of the Energy Efficiency UDF is due to be appointed soon and the fund is expected to be up and running by summer 2011. Further information on the London Green Fund here.
Mayor confirms go-ahead of energy efficiency programmes
6 April 2011: Funding arrangements for the Mayor’s climate change and environment programmes for the following year have now been confirmed. Of the “£116.5 million of investment to fund transition a low carbon economy” £100m will be from the London Green Fund (for more of which – read story below). Read Mayoral press release here.
Update on London Green Fund
15 February 2011: The latest (February) ERDF newsletter by the LDA provides an update on the London Green Fund stating that: “The procurement process to select an organisation to set up and manage the Energy Efficiency Urban Development Fund (UDF) was launched in September 2010. Three bids were received by the EIB by the deadline in December. The bids are now being assessed by the European Investment Bank (EIB) and it is anticipated that a preferred bidder will be selected in February. The timescale for concluding negotiations, once a preferred bidder is selected, is the end of June 2011.” The newsletter also sets out that with the government abolition of RDA’s, EU funding will now be handled by government departments, however, in London, it has confirmed that responsibility for management of European programmes will be transferred to the GLA in the summer of 2011. The February newsletter can be downloaded here.
Further information on the UDF fund manager is available on the LDA’s website here and in the European Investment Bank expression of interest documentation here.
A presentation made by the LDA in September 2010 on the London Green Fund is available here.