- UK Green Investment bank and Equitix announce a commitment of £5m to UK building retrofit programme
- New low-energy lighting will cut running costs, energy bills and carbon emissions
- GKN Aerospace’s Isle of Wight facility first in line for development
UK Green Investment Bank plc (GIB) and Equitix have today announced a commitment to fund a building retrofit programme throughout the UK.
The Equitix-managed fund Energy Saving Investments (ESI), in which GIB is a cornerstone investor, is investing £2.5m in the project. This will mobilise an additional £2.5m of additional private sector capital from the Equitix Energy Efficiency Fund (EEEF).
The developer, Climate Energy has a robust pipeline of opportunities and is developing the first energy efficient LED lighting project at global aviation supplier GKN Aerospace’s Falcon Yard facility on the Isle of Wight. It will then look to deliver a number of other schemes across other sectors in other UK locations.
The GKN scheme will offer minimal disruption during installation and deliver longer life improved lighting whilst helping GKN reduce carbon emissions and energy costs.
The lighting will be installed by SSE Contracting, owned by Equitix ESI (Lighting) Ltd and managed by Climate Energy. It will be leased by GKN, relieving it of the financial and maintenance costs associated with the installation, operation and upkeep of the systems.
The new lighting will be specially selected to optimise the light levels required for the work carried out on each particular site.
Bill Rogers, Managing Director, UK Green Investment Bank, said:
The installation of new efficient and resilient lighting systems will help companies cut maintenance and running costs and contribute to reductions in energy consumption and carbon emissions, delivering cash savings and assisting the transition to a low carbon economy in the UK.
Geoff Jackson, Chief Executive Officer, Equitix, said:
It is good to see companies taking a serious interest in their energy consumption and implementing responsive action to make a change. This simple yet efficient technology is well proven and is set to make a real difference to those who choose to install it.
Nick Painter, Business Development Director, Climate Energy Ltd, said:
We are delighted that the GIB and Equitix have agreed to fund our client GKN Aerospace LED lighting project. This enables excellent energy and carbon savings at their East Cowes manufacturing facility whilst preserving capital that supports their core business activities.
John Gould, Facilities Manager, GKN Aerospace, said:
As a global technology leader in our sector, GKN Aerospace constantly explores ways to use advancing technologies to improve our manufacturing facilities and lower our environmental footprint. This new LED lighting programme does just that, providing improved quality lighting for our workforce whilst reducing energy consumption and maintenance and offering valuable carbon savings – and we are proud to be one of the scheme’s launch customers.
About the project
- Total GIB share of investment: £2.5m
- Total capital mobilised: £5m
- Co-investors: Equitix Energy Efficiency Fund (EEEF)
- Expected completion: December 2015
- Installer: SSE Contracting
- Developer: Climate Energy
Notes to editors
About the UK Green Investment Bank
UK Green Investment Bank plc (GIB) was launched in November 2012. With £3.8 billion of funding from the UK Government, it is the first bank of its kind in the world. It is a “for profit” bank, whose mission is to accelerate the UK’s transition to a greener economy, and to create an enduring institution, operating independently of Government.
GIB is wholly owned by HM Government. The Company is not authorised or regulated by the Financial Conduct Authority or the Prudential Regulation Authority. A wholly owned subsidiary UK Green Investment Bank Financial Services Limited, is authorised and regulated by the Financial Conduct Authority.
Equitix is a company established to deliver and manage infrastructure projects from bidding and closing through to construction and service provision. Its reputation is built upon strong relationships with its clients and partners, as well as a committed approach to every project in which they are involved and investment they make.
About Climate Energy
Since our inception in 2001, Climate Energy has provided a complete range of energy efficiency solutions for Industrial and Commercial businesses, Local Authorities, Registered Providers, developers and homeowners nationwide. Our services span all aspects of energy efficiency, from consultancy and project management through to delivery at a local level via a national network of assessors and installers. The Group's ongoing growth has seen it listed within the Sunday Times Fast Track 100 for two years running. The Climate Energy Group is funded by the leading European venture capital institution Adaxia Capital Partners.
About GKN Aerospace
GKN plc is a global engineering group. It has four divisions; GKN Aerospace, GKN Driveline, GKN Powder Metallurgy and GKN Land Systems, which operate in the aerospace, automotive and land systems markets. Over 50,000 people work in GKN companies and joint ventures in more than 30 countries. GKN is listed on the London Stock Exchange (LSE: GKN) and recorded sales of GBP7.5 billion in the year to 31 December 2014.
GKN Aerospace is a global first tier supplier of airframe structures, engine components, transparencies and fuel/flotation systems, with sales of GBP2.2bn in 2014 and a global workforce of over 12,000 employees. It has a significant participation on all major aircraft programmes today and a broad customer base spanning commercial, military, business aerospace and space markets. The company’s extensive engineering capability and clear focus on targeted innovation has created technological and manufacturing leads in each of its areas of expertise.