Energy Efficiency
Announcements prior to September 2017, including this announcement, occurred under previous ownership.
25 February 2014
The UK Green Investment Bank (GIB) and Societe Generale Equipment Finance (SGEF) have joined forces to provide £50m of finance for energy efficiency projects.
Both institutions are committing £25m.
The alliance will marry SGEF's strong track record in equipment financing with additional capital and expertise from GIB, helping public and private sector organisations reduce their energy costs and greenhouse gas emissions.
Funding from the alliance will allow organisations to put in place energy efficiency measures without having to fund the finance upfront. Projects could include combined heat and power plants, boilers, building retrofits, lighting and energy reduction technologies for production processes, among others.
The first project to benefit from the GIB-SGEF partnership is at Rampton Hospital, managed by Nottinghamshire Healthcare. The £5m investment will finance the installation of a combined heat and power plant, dual fuel boilers, biomass boilers and an effluent treatment plant.
Shaun Kingsbury
Chief Executive, UK Green Investment Bank
The GIB-SGEF alliance will ultimately be providing the finance for the full amount of the project. Cofely, the energy and technical services provider, will design and install the equipment, including making the initial £5m investment. GIB-SGEF will then reimburse Cofely on completion of the installation.
The Trust will pay the cost back over a 15 year period. This 'spend to save' model means that the cost savings from the energy efficiency measures will exceed the cost of the repayments. A similar model will be used for other projects financed by the alliance.
It is estimated that the project at Rampton Hospital will save the hospital £1.7m. It will save 88,000 tonnes of CO2e over the lifetime of the project, equivalent to taking around 2,500 cars off the road. It will also generate around 5000 MWhth per annum of renewable heat. The effluent treatment plant will improve wastewater quality and energy efficiency.
Norman Lamb
Health Minister
Giles Turner
Managing Director of Societe Generale Equipment Finance UK
Paul Rawson
Energy Services Director, Cofely
Dr Mike Harris
Executive Director Forensic Services, Nottinghamshire NHS Trust
Media enquiries
Societe Generale Equipment Finance (SGEF)
Societe Generale Equipment Finance is the international equipment and vendor finance specialist of Societe Generale group. Societe Generale Equipment Finance is a worldwide leading player; it employs 2,700 people serving more than 230,000 customers in 24 countries in the world. Societe Generale Equipment Finance manages more than EUR 22.3 billion end managed assets. www.sgef.com
Cofely
Cofely, a GDF SUEZ company, is Europe's leading provider of energy, technical and total facilities services. Across the UK and Ireland, Cofely's 2,200 employees deliver solutions at over 15,000 customer sites - with an annual turnover of £300 million.
Nottinghamshire Healthcare NHS Trust
Nottinghamshire Healthcare is positive about providing integrated healthcare services, including mental health, learning disability and community health services. Over 8,800 dedicated staff provide these services in a variety of settings, ranging from the community through to acute wards, as well as secure settings. Rampton Hospital is one of three high-secure hospitals in England. It is located near Retford in the Nottinghamshire countryside, and employs approximately 1,900 staff.