Energy efficiency fund to launch ‘second cycle’

Amber Green, which has invested £50m on behalf of the London Energy Efficiency Fund, has been handed a further £11.5m funding tranche.

Amber Green, a division of UK infrastructure fund manager Amber Infrastructure, has completed a £50 million (€63 million; $83 million) funding round for the London Mayor’s London Energy Efficiency Fund (LEEF) 18 months ahead of schedule.

Since 2011, Amber Green has been investing the capital in energy efficiency deals across London, partnering with public and local authorities and National Health Service (NHS) trusts.

LEEF has now been awarded a further £11.5 million from the Mayor’s London Green Fund to invest in energy efficiency infrastructure projects during the fund’s next investment cycle which runs to August 2018.

The London Green Fund, which will invest alongside recycled LEEF capital and European Investment Bank (EIB) funds, is a £110 million fund comprised of £60 million from the London 2007-13 European Regional Development Fund programme, £32 million from the former London Development Agency and £18 million from the London Waste and Recycling Board.

LEEF backs projects focused on the installation of technologies that help reduce carbon emissions and improve energy performance. It aims to create over 1,400 jobs, mobilise £250 million of finance in London and provide annual reductions of 16,000 tonnes of carbon and £3.8 million in energy costs.

LEEF has provided capital for energy saving projects in the London boroughs of Croydon and Hackney and for heating and cooling systems at the Tate Modern and Tate Britain art galleries. Last month, it committed £12 million to an energy saving exercise at St George’s Healthcare NHS Trust Hospital in Tooting, south London.

Launched in 2011, LEEF is part of the JESSICA initiative – a European Commission scheme designed in cooperation with the EIB and Council of Europe Development Bank to support sustainable urban development and regeneration.