Amber Green, manager of the London Energy Efficiency Fund (LEEF), has reached financial close on a £12 million (€15 million; $20 million) loan agreement for St George’s Hospital in Tooting, south London.
The loan agreement will finance an Energy Performance Contract (EPC) between St George’s NHS (National Health Service) Healthcare Trust, UK energy company British Gas and London-based energy solutions firm Breathe Energy.
The EPC, involving the installation of low carbon technologies, will allow the teaching hospital to invest savings into critical medical care, training and research facilities. It will aim to reduce energy spend by 25 percent and cut over 6,000 tonnes of carbon emissions per year.
The contract is said to be the largest of its type for a London-based NHS entity and one of the largest EPC health projects in the UK.
Launched in 2011, LEEF is funded through £50 million of public investment from the European Regional Development Fund, the Mayor of London, and the London Waste and Recycling Board and is matched by up to £50 million of additional funding from UK bank RBS.
The fund, which aims to be fully invested by 2015, is managed by the Amber Green consortium which comprises UK-based sponsor and manager Amber Infrastructure, funder RBS and technical adviser Arup.
“We have pleased to have secured funding for another vital energy efficiency project which will bring significant benefits to a local London community,” said Leo Bedford, director of LEEF at Amber Green, in a statement.
“St George’s Tooting is the first NHS trust to receive LEEF funding, underlining the fund’s support for a diverse range of projects aiming to reduce carbon emissions and drive significant savings across the capital,” he added.