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GIB reaches landmark 50th investment with £2m investment in innovative heat recovery projects across Scotland

29 Jun 2015

UK Green Investment Bank and Equitix announce a total commitment of £4m to programme of sewage heat recovery system installations across Scotland

– The first time this innovative technology, developed by SHARC Energy Systems, will be deployed in the UK

– Borders College first to benefit after agreement reached with Scottish Water

– Announcement made as GIB holds its Annual Review event in Edinburgh

UK Green Investment Bank plc (GIB) has today announced the 50th transaction it has funded since it was formed in October 2012. It has now committed a total of over £2bn to transactions worth over £8bn, in every part of the UK.

The Equitix-managed fund Energy Savings Investments (ESI), in which GIB is a cornerstone investor, is investing £2m in a sewage heat recovery system installation programme in locations across Scotland, beginning with Borders College.

An additional £2m of private sector capital has been mobilised from the Equitix Energy Efficiency Fund (EEEF).

It will be the first time the sewage heat recovery technology, developed by SHARC Energy Systems, has been deployed in the UK.

The pilot project will see heat extracted from waste water intercepted from Scottish Water’s Galashiels network. The heat will then be sold to Borders College under a 20-year purchase agreement resulting in energy and cost savings and a reduction in carbon emissions.

Installation of the system is scheduled to start later this month and completion is expected by the end of the summer. The work will be carried out with no disruptions to normal operations.

The announcement was made at GIB’s annual review event in Edinburgh this morning where stakeholders gathered to hear about GIB’s progress over the year 2014/15.

Lord Smith of Kelvin, Chairman, UK Green Investment Bank, said: “Our 50th investment neatly sums up what we are trying to achieve at GIB. We are backing the deployment of innovative new technology across the UK to produce renewable energy, cut energy use, cut costs and improve the UK’s green performance. It is enabling SHARC Energy systems to equip Borders College with pioneering technology in an arrangement that I hope can be replicated elsewhere in the country.”

Geoff Jackson, Chief Executive Officer, Equitix, said: “Equitix has developed a strong track record of investing in turnkey projects through our core infrastructure funds. We are very pleased to be building on our existing experience by investing into high quality and environmentally beneficial projects through our energy efficiency funds.”

Russ Burton, Chief Executive Officer, SHARC Energy Systems, said: “The funding now enables SHARC to move ahead with the flagship installation at Borders College, making it the first organisation in the UK to adopt our world-leading technology. It also represents a major step forward in its heat production and energy efficiency targets for the entire campus.” 

About Equitix:

Equitix was established in 2007 and is based in London. Equitix is an integrated core infrastructure asset management and primary project platform and typically invests in UK infrastructure projects with long-term revenue streams across the healthcare, education, social housing, highways and street lighting, offshore transmissions and renewable and waste sectors. Tetragon (TFG) owns 85% of the business; over time, TFG’s holding is expected to decline to approximately 74.8%. Management own the balance. Equitix Investment Management Limited is authorised and regulated by the UK Financial Conduct Authority. 

This release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any state or jurisdiction.