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February 26, 2014updated 12 Apr 2017 3:59pm

SGEF joins with Green Investment Bank to provide funds

The UK Green Investment Bank (GIB) and Societe Generale Equipment Finance have joined together to provide £50m (€60.5m) of financing for green projects.

By Mike Cobb

The UK Green Investment Bank (GIB) and Societe Generale Equipment Finance have joined together to provide £50m (€60.5m) of financing for green projects.

The French lender and UK institution will each provide £25m and expertise in their relevant fields to help fund projects such as heat and power plants, biomass boilers and facilities retrofits.

The first project to receive funding from the joint venture will be the Rampton Hospital, whose management, Northamptonshire Healthcare, are looking to install various energy saving facilities at a cost of £5m.

The deal will require the healthcare trust to pay back the finance over the course of 15 years but the estimate is that the hospital will eventually save £1.7m in running costs.

Shaun Kingsbury, chief executive of GIB, said "Many organisations understand that energy efficiency measures make good commercial sense but with few financiers in this space they simply cannot afford the initial investment."Our partnership with one of the industry leaders allows these organisations to realise cost savings from day one without having to fund the capital upfront."

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