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UK Green Investment Bank and Equitix invest in UK-wide commercial LED installation programme

22 Jun 2015

UK Green Investment bank and Equitix announce a commitment of £5m to UK building retrofit programme
GKN Aerospace’s Isle of Wight facility first in line for development
New lighting will cut running costs, energy bills and carbon emissions

UK Green Investment Bank plc (GIB) and Equitix have today announced a commitment to fund a building retrofit programme throughout the UK.

The Equitix-managed fund Energy Saving Investments (ESI), in which GIB is a cornerstone investor, is investing £2.5m in the project. This will mobilise an additional £2.5m of additional private sector capital from the Equitix Energy Efficiency Fund (EEEF).

The developer, Climate Energy has a robust pipeline of opportunities and is developing the first energy efficient LED lighting project at global aviation supplier GKN Aerospace’s Falcon Yard facility on the Isle of Wight. It will then look to deliver a number of other schemes across other sectors in other UK locations.

The GKN scheme will offer minimal disruption during installation and deliver longer life improved lighting whilst helping GKN reduce carbon emissions and energy costs.

The asset will be managed by Climate Energy, a subsidiary of Climate Energy Holdings Ltd. The asset will be owned by Equitix ESI Retrofit (Lighting) Ltd and GKN will make a lease payment to the SPV, paid out of energy consumption savings.

The new lighting will be specially selected to optimise the light levels required for the work carried out on each particular site.

Bill Rogers, Managing Director, UK Green Investment Bank, said “The new lighting will last longer, require less maintenance, reduce energy consumption and contribute to a reduction in carbon emissions. It’s a relatively hassle-free way for companies to cut running costs and energy bills while aiding the transition to a low carbon economy in the UK.”

Geoff Jackson, Chief Executive Officer, Equitix, said: “It is good to see companies taking a serious interest in their energy consumption and implementing responsive action to make a change. This simple yet efficient technology is well proven and is set to make a real difference to those who choose to install it”. 

Nick Painter, Business Development Director, Climate Energy Ltd, said: “We are delighted that the Equitix have agreed to fund our client GKN Aerospace LED lighting project. This enables excellent energy and carbon savings at their East Cowes manufacturing facility whilst preserving capital that supports their core business activities”.

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.