UK green bank backs biomass projects

A London-based investment firm has announced a £10 million fund to replace inefficient heating systems in public and private facilities with biomass boilers. Equitix is investing £4.9 million through its […]

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By Priyanka Shrestha

A London-based investment firm has announced a £10 million fund to replace inefficient heating systems in public and private facilities with biomass boilers.

Equitix is investing £4.9 million through its Energy Saving Investment fund, in which the UK’s Green Investment Bank (GIB) is an investor. It is also sourcing a further £5.1 million from its Energy Efficiency Fund, with the investments being managed by energy services company Roundwood Energy.

The investment is expected to support more then 60 projects, which GIB claims could help customers save up to 30% on their energy bills. The boilers will be fuelled by sustainably sourced wood pellets, which could cut around 150,000 tonnes of carbon emissions over the 20-year life of the investment.

Shaun Kingsbury, Chief Executive of the GIB said: “Today’s announcement will provide a low-cost and straightforward way for a range of organisations like schools, leisure centres and local businesses to switch their old, inefficient and high emission boilers for new energy efficient biomass ones; saving energy, cutting emissions and saving them money.”

Earlier this year ELN reported the GIB invested in an offshore wind project and an NHS energy innovation centre.