Amber to SPRUCE up Scotland with £50m fund

A team led by Amber Infrastructure has closed the £50m Scottish Partnership for Regeneration of Urban Centres (SPRUCE). The vehicle will offer loans to regeneration and energy efficient projects across the country and is Amber’s third JESSICA mandate in the UK.

Amber Infrastructure, the erstwhile public-private partnership (PPP) division of defunct infrastructure fund manager Babcock & Brown, is cementing its track record as a manager of public funds with the closing of a £50 million (€59 million; $78 million) vehicle dedicated to urban regeneration and energy efficient projects across Scotland.

The fund is part of the Joint European Support for Sustainable Investment in City Areas (JESSICA), a European programme focused on PPPs for regeneration and energy projects. The Scottish government, using its own resources and European Union funds, contributed the £50m that closed the fund, known as the Scottish Partnership for Regeneration of Urban Centres (SPRUCE). 

Amber, which leads the Amber Green consortium that manages SPRUCE, will use the money to offer loans to regeneration and energy efficient projects across 13 local authorities in Scotland. 

“Amber has unparalleled JESSICA fund management and public sector partnerships experience which will ensure that the long-term objectives for the fund are met,” commented Cameron Cook, Amber’s head of origination for Scotland.

SPRUCE is Amber’s third JESSICA mandate following the £55 million Regeneration Investment Fund for Wales and the £100 million London Energy Efficiency Fund and makes Amber the “European market leader in investing JESSICA public funds,” Amber said in a statement.

Amber has about £4.1 billion of assets under management in the UK, continental Europe, Australia and North America. It has offices in Munich, Sydney, Melbourne and San Francisco, employing 60 people.