- UK Green Investment Bank and Equitix announce a total commitment of £4m to programme of sewage heat recovery system installations across Scotland
- The first time this innovative technology, developed by SHARC Energy Systems, will be deployed in the UK
- Borders College first to benefit after agreement reached with Scottish Water
- Announcement made as GIB holds its Annual Review event in Edinburgh
UK Green Investment Bank plc (GIB) has today announced the 50th transaction it has funded since it was formed in October 2012. It has now committed a total of over £2bn to transactions worth over £8bn, in every part of the UK.
The Equitix-managed fund Energy Savings Investments (ESI), in which GIB is a cornerstone investor, is investing £2m in a sewage heat recovery system installation programme in locations across Scotland, beginning with Borders College.
An additional £2m of private sector capital has been mobilised from the Equitix Energy Efficiency Fund (EEEF).
It will be the first time the sewage heat recovery technology, developed by SHARC Energy Systems, has been deployed in the UK.
The pilot project will see heat extracted from waste water intercepted from Scottish Water’s Galashiels network. The heat will then be sold to Borders College under a 20-year purchase agreement resulting in energy and cost savings and a reduction in carbon emissions.
Installation of the system is scheduled to start later this month and completion is expected by the end of the summer. The work will be carried out with no disruptions to normal operations.
The announcement was made at GIB’s annual review event in Edinburgh this morning where stakeholders gathered to hear about GIB’s progress over the year 2014/15.
Speaking at the event, Lord Dunlop, Parliamentary Under Secretary of State for Scotland, said:
Today’s announcement will make a positive contribution for the local community in the borders and, in time, the rest of the UK.
Fifty green energy infrastructure projects have now been backed by GIB, bringing in over £8bn of investment into every part of the UK. It’s a win for the UK economy and for our country’s energy needs. In the years ahead I am certain GIB will help many more innovative project ideas become reality, helping the UK stay at the forefront of energy infrastructure and ensuring Scotland fulfils its enormous green energy potential.
Lord Smith of Kelvin, Chairman, UK Green Investment Bank, said:
Our 50th investment neatly sums up what we are trying to achieve at GIB. We are backing the deployment of innovative new technology across the UK to produce renewable energy, cut energy use, cut costs and improve the UK’s green performance.
It is enabling SHARC Energy systems to equip Borders College with pioneering technology in an arrangement that I hope can be replicated elsewhere in the country.
Geoff Jackson, Chief Executive Officer, Equitix, said:
Equitix has developed a strong track record of investing in turnkey projects through our core infrastructure funds. We are very pleased to be building on our existing experience by investing into high quality and environmentally beneficial projects through our energy efficiency funds.
Russ Burton, Chief Executive Officer, SHARC Energy Systems, said:
The funding now enables SHARC to move ahead with the flagship installation at Borders College, making it the first organisation in the UK to adopt our world-leading technology. It also represents a major step forward in its heat production and energy efficiency targets for the entire campus.
About the project
- Total GIB share of investment: £2m
- Total capital mobilised: £4m
- Co-investors: Equitix Energy Efficiency Fund (EEEF)
- Expected completion: Summer 2015
- Developer: SHARC Energy Systems
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 SHARC Energy Systems
Launched in June 2014, SHARC Energy Systems is a UK organisation specialising in sewage heat recovery technology that is a sustainable alternative energy source.
Unique in the UK and Europe, the system generates energy-saving, cost-effective and environmentally-friendly solutions for heating, cooling and hot water for commercial and residential buildings.
SHARC Energy Systems is the trading name of IWWS (UK) Limited, and its technology is developed by its parent company International Wastewater Heat Exchange Systems (IWHES) based in Vancouver, Canada. IWHES is regarded as a leader in sustainable alternative energy sources in Canada and the USA.
The company has its UK and European headquarters in Nottingham. Its CEO is Russ Burton, who has worked at a senior level in the property and commercial sectors for thirty years. SHARC represents the realisation of his personal interest in the renewable energy industry.