New £2m energy efficiency fund for SMEs

The UK’s Green Investment Bank (GIB) has announced funding worth £1 million to help small and medium-sized businesses invest in energy efficiency. It will be matched by another £1 million […]

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By Priyanka Shrestha

The UK’s Green Investment Bank (GIB) has announced funding worth £1 million to help small and medium-sized businesses invest in energy efficiency.

It will be matched by another £1 million of private capital and the total amount is expected to finance up to 20 projects.

Typical projects would be in the range between £25,000 and £400,000 and could include biomass boilers, low energy lighting and combined heat and power – helping reduce energy bills by around 20%.

The cash will be invested into ReEnergise Finance’s Smart Energy Finance vehicle, which has been set up to provide loans to cover the costs of improvements.

Energy Minister Michael Fallon said: “This is a welcome investment that helps small businesses and shows that going green isn’t just about building offshore wind farms or new energy plants. Any good business should want to become more efficient and saving on energy costs makes good business sense.”

Earlier this week the GIB also revealed its plans to raise a new £1 billion offshore wind fund.