Stirling Council is swapping 12,000 sodium lightbulbs for LEDs over the next four years in a move it predicts will cut energy consumption by 67%.
The council has borrowed £9.87m from the Green Investment Bank for the refit and is the third council in the UK to take out a GIB Green Loan following Glasgow and Southend on Sea.
The loan works in the same way as an energy performance contract, where it is repaid from energy bill savings.
While a lack of standardisation in energy efficiency projects has been cited as a barrier to investment, the GIB says it and legal adviser Shepherd and Wedderburn have standardised the process, helping to bring down transaction costs.
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