London Mayor Sadiq Khan has launched a £500m fund for energy efficiency projects in the capital. Like it’s forerunner, the London Energy Efficiency Fund (LEEF), the Mayor’s Energy Efficiency Fund (MEEF) is run by Amber Infrastructure.
The largest public-private energy efficiency fund in Europe, it will provide lower cost finance (rates start at 1.5%) to help deliver viable low carbon projects across London.
The minimum amount of funding – available to local authorities within the capital, NHS Trusts, education, charity, voluntary and SME sectors as well as Escos – is £1m, with senior debt, mezzanine debt and equity sources available.
While an energy efficiency fund, it can also support decentralised and renewable energy generation projects as well as storage, electric vehicle infrastructure and low carbon data centres.
MEEF can fund up to 100% of the capital cost of a project but could also part-fund large scale regeneration projects with low carbon credentials.
Established by the Greater London Authority, with funding from the European Commission, the fund aims to help deliver London’s ambition of being zero carbon by 2050.
See further details here.
Read an interesting take on the progress made in unlocking energy finance by energy efficiency funding specialist, Steve Fawkes, here.