International law firm Trowers & Hamlins has advised a consortium of commercial funders who are supporting the creation of a £500m energy efficiency fund to help small businesses and public-sector organisations invest in low carbon measures. The consortium comprises Lloyds Bank, NatWest, Santander UK, Sumitomo Mitsui Banking Corporation, and Triodos Bank.
The Mayor of London's Energy Efficiency Fund (MEEF) provides flexible and competitive finance for new low carbon technology or upgrades to existing low carbon infrastructure; measures that could be funded include, battery storage, electric vehicle charging infrastructure, and small-scale renewable energy generation.
MEEF is open to owners of public buildings in London - including but not exclusively, Local Authorities, NHS Trusts, Registered Providers, Education organisations, Charities and Voluntary Organisations. The fund is also open to small businesses and energy service companies operating across London.
The fund, part funded by the European Regional Development (ERDF) , is the UK's largest ever dedicated investment fund for urban energy efficiency measures and will provide access much needed funding to support the installation and upgrade of energy efficient technology and infrastructure.
Partner Katharine Lewis who led on the project said:
"Creating places where people can thrive and where businesses are sustainable is high on our agenda at Trowers and working on this project has been extremely rewarding, given the direct impact it will have upon our environment and the people that live and work in London."
Joanne Patrick, MEEF Director at Amber Infrastructure Group, said:
“MEEF seeks to address market failure in London’s low-carbon sector by providing flexible and competitive finance to enable, accelerate or enhance viable green infrastructure across London’s boroughs. It’s a key part of the Mayor’s strategy to improve the capital’s existing building stock and improve the energy performance of new buildings – helping homes, businesses and public buildings to use less energy and save money on energy bills. We have a proven track record of helping London get greener, having already mobilised over £350 million in low-carbon projects to reduce CO2 emissions by over 35,000 tonnes – equivalent to taking 32,000 cars off the road.”
