Global bank Citi hopes to reel in the savings by cutting its London data centre’s energy use by 10%.

Its the first project in the financial services sector backed by the UK Green Investment Bank (GIB).

The green lending group is stumping up £5.2 million via its fund manager Sustainable Development Capital (SDCL).

A Combined Cooling and Power (CCP) system will generate 71% of the electricity needed for the Lewisham centre.

By winter 2015 the energy efficient cooling units will be installed along with efficiency improvements to the building’s air conditioning system.

Shaun Kingsbury, Chief Executive for the Green Investment Bank said: “The IT industry is one of the most energy intensive sectors globally, second only to aviation. Energy can represent up to 80% of the cost of running a data centre, so they provide an important opportunity for energy efficiency measures.”

John Killey, Head of Global Building Operations Group at Citi Realty Services said the GIB’s money meant “no upfront capital expenditure” is needed, adding the system “creates enduring savings in our annual operation costs and supports us in reducing our greenhouse gas emissions”.