NCP has installed LEDs at a further 110 car parks in a second phase of lighting upgrades
Phase one of the project saw NCP install LED fittings in 149 multi-storey car parks across the UK
The two phases of the project combined cut NCP’s energy use per site by an average of 70%
The two phases in total will cut greenhouse gas emissions by an average of over 12,000 tonnes each year and save £34m
UK Green Investment Bank plc (GIB), Future Energy Solutions (FES) and fund manager Sustainable Development Capital Limited (SCDL) are backing the second phase of a lighting project for National Car Parks (NCP).
Around 7,500 light-emitting diode (LED) fittings have been installed in approximately 110 multi-storey car parks, surface car parks and roof decks, delivering lighting, financial and environmental benefits.
Phase one of the project involved retro-fitting 149 multi-storey car parks with LED fittings during 2014.
Over the lifetime of both phases of the project, NCP expects to save around £34m. However, as well as saving money, the company will also reduce its impact on the environment, cutting its carbon dioxide equivalent (CO2e) emissions by an average of over 12,000 tonnes per year.
In a similar funding arrangement to phase one of the project, Future Energy Solutions (FES) has provided funding alongside GIB through the SDCL-managed UK Energy Efficiency Investments Fund.
Edward Northam, Head of Investment Banking, GIB, said:
Replacing out-of-date conventional lighting with energy-efficient options like LEDs is one of the most effective ways of reducing electricity bills and saving money at the same time. We are pleased to be working on this second phase of the project with NCP, which will double the number of its car parks fitted with LEDs.
Jo Cooper, Chief Executive Officer, NCP, said:
Phase one began in January 2014 and over 50,000 car parking spaces were successfully re-lit. It was a tremendous success and we noticed an immediate improvement within the lit environment, as well as a sharp reduction in our energy bill. Phase two will tackle the remaining car parks in our portfolio.
The money we will save over the lifetime of the new luminaires between phases one and two is estimated to be in the region of £34m and provides a significant and measurable means of reducing our carbon footprint.
Marcus Brodin, Commercial Director, FES, said:
The work we have completed for NCP will generate energy savings of over 70%. In addition, between phases one and two, the positive impact on the environment will be significant, as the company’s CO2e emissions will be reduced by an average of 12,027 tonnes per annum.
What’s more, all of the products installed are performance guaranteed and maintained for the life of the contract at no cost to NCP, therefore taking away the hassle of maintenance and reducing the company’s operational cost base.
Jonathan Maxwell, Chief Executive, SDCL, said:
NCP is one of the largest and longest standing private car park operators in the UK. We are delighted to further strengthen our business relationship with NCP and FES, with our investment in phase two of the project involving the installation of LED lighting by FES, a leading energy solutions provider.
About the project
Total GIB share of investment: £0.3m (via SDCL-managed UK Energy Efficiency Investments Fund, which consists of UK Energy Efficiency Investments 1 and matched funding from private sector co-investors via a parallel fund, UK Energy Efficiency Investments 1A)
Number of lights: circa 7,500
Operational date: Q1 2016
Contractor: FES Lighting
Notes to editors
About the UK Green Investment Bank
UK Green Investment Bank plc (GIB) was launched in November 2012. With initial 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.
About UK Energy Efficiency Investments Fund
The UK Energy Efficiency Investments Fund consists of £104.1 million of capital commitments and is managed by SDCL EE Co (UK) LLP, the dedicated energy efficiency investment arm of SDCL. The Green Investment Bank is the cornerstone investor in the Fund, having committed £50m into the vehicle in September 2012. The Fund makes investments in efficiency projects across the UK.
SDCL is a specialist financial and investment advisory firm, headquartered in London and with offices in New York, Dublin, Hong Kong and Singapore. It was established to help governments, financial institutions and companies finance and invest in environmental and social infrastructure assets and services. SDCL’s advisory business is focused on facilitating the supply of clean infrastructure. Its investment business is focused on reducing demand for resources through energy efficiency.
Future Energy Solutions (FES) is an innovative global green technology company that provides funded lighting solutions for large scale commercial and industrial businesses. The FES funded service includes surveying, designing, procuring, project managing, installing, and maintaining new energy efficient lighting systems. Formed in 2009 in the United States, FES has grown to a family of companies around the globe. The UK office opened in April 2013 and has since installed over 120,000 energy efficient devices across several client portfolios. With an additional presence in Australia and Mainland Europe, FES brings a global presence and unique funded solution to the lighting market.