UK energy efficiency project investment received
An investment of £10 million (€11.7 million) will be used by energy services company Roundwood Energy and biomass boiler manufacturer Woodpecker Energy to replace inefficient heating systems in the UK.
Roundwood, advised by global law firm Bird and Bird, will receive £4.9 million from Energy Saving Investments, in which the UK Green Investment Bank is a cornerstone investor, with the other £5.1 million coming from the Equitix Energy Efficiency Fund.
The investment will allow for the funding of over 60 projects, benefitting a varied mix of public and private sector organisations including care homes, schools, leisure facilities and local authority projects. In addition to the benefits of driving a green economy and considerably reducing carbon emissions, switching to biomass boilers could save up to 30% on energy bills.
Technology provider Woodpecker, a UK based manufacturer of wood pellet and wood chip biomass boilers, and advisory company BDO will support the delivery of the project.
‘This is a trail blazing deal because it is one of the first to use project finance type structures on relatively small scale biomass installs,’ says BDO partner Michael Ware. ‘I think it will be the template for major investment into the small biomass space by institutional funders and we are very proud to be associated with it.’