The UK Green Investment Bank (GIB) has announced its fourth investment worth £1.1 million in the NHS to support an energy efficiency project.

The project, worth £3.1 million in total, includes the installation of a 1.3MW combined heat and power (CHP) unit at Cheltenham General Hospital – managed by Gloucestershire Hospitals NHS Foundation Trust.

The project is expected to help the Trust reduce its energy costs by 40% and greenhouse gas emissions by 30%.

An extra £1.1 million has also been mobilised through the Aviva Investors REaLM Energy Centres Fund in which GIB is the cornerstone investor. GIB has committed £50m million to the fund to make investments in small scale energy efficiency projects.

Shaun Kingsbury, Chief Executive at UK GIB said: “As we would expect, the NHS is one of the most energy intensive organisations in the UK. We want to help it reduce its energy costs by providing a package of support to finance energy efficiency measures. These investments require no upfront outlay by the NHS and the costs are more than covered by lower bills, saving money overall.”

The project will also receive a £900,000 grant from the Department of Health.