£5m for SMEs to improve energy efficiency

A fund worth up to £5 million aimed at helping small and medium sized businesses become more energy efficient and invest in renewable projects has been launched. It will help […]

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By Priyanka Shrestha

A fund worth up to £5 million aimed at helping small and medium sized businesses become more energy efficient and invest in renewable projects has been launched.

It will help companies for projects valued between £25,000 and £250,000 and includes renewable technologies such as biomass, solar, wind turbines, anaerobic digestion and ground and air source heat pumps. It will also support the financing of energy efficiency measures such as lighting, insulation, building management, monitoring systems and improvements to manufacturing machinery.

The fund will, however, charge limited fees for financing and there are basic setup and ongoing management costs.

Called ReEnergise SmartEnergy Finance, it follows an agreement signed between ReEnergise Finance, an independent financial services business and SI Capital, a private equity fund manager.

Adam Hewson, Director of ReEnergise Finance said: “Businesses are facing many challenges today. To remain competitive, most Finance and Operations Directors will be continually reviewing their cost lines. Increasingly for many, expenditure on energy has become or is fast becoming a critical factor in overall business profitability.

“The imperative is to reduce energy use (and therefore costs) and to consider how energy efficiency and cheaper, sometimes subsidy-backed, renewable energy generation can lower energy costs in the medium term.”