A London council is to start making its streetlights more sustainable.
Barking and Dagenham Borough Council is to receive a £6.8 million green loan from the Green Investment Bank (GIB).
It will finance the replacement of around 14,790 traditional streetlights with efficient LED models and could eventually save the council up to £21 million.
The council expects annual savings of around £400,000 and 1,500 tonnes of Carbon Dioxide.
More than 3,000 streetlight poles and a central energy management system will also be refurbished.
Installation will begin in early 2017 and take place in a staggered schedule over two years. VolkerHighways has been commissioned to carry out the work after winning the competitive tender.
Edward Northam, Head of Investment Banking at GIB, said: “Replacing traditional streetlights with LED lamps and installing central management systems can make public sector lighting stock more efficient, cost-effective, environmentally friendly and easier to manage.”
Councillor Darren Rodwell, Council Leader at Barking and Dagenham London Borough Council, said: “This is a great deal for council taxpayers and residents. It means we replace expensive old streetlights with low-carbon, energy-saving ones. It’s another sign of the council delivering its ambition to provide value for money for residents and make a greener, better Barking and Dagenham.”
The council will be the first London Borough and the fifth UK local authority to secure green loan from the GIB.