Image: Bill Smith/Flickr.
Small-scale renewables and battery storage installs could be set for a boost in London after the mayor’s energy efficiency fund secured £500 million in funding.
The Mayor of London’s Energy Efficiency Fund (MEEF) is to offer various forms of finance in excess of £1 million to support projects undertaken by public sector companies and certain SMEs to improve their energy efficiency.
The fund is part of a drive to turn the capital into a zero carbon city by 2050 and has been lauded by Mayor of London Sadiq Khan as a “great example” of how public and private sectors can collaborate to fast-track London towards its carbon emissions targets.
A list of supported technologies published by the fund, which is supported by the European Regional Development Fund and managed by Amber Infrastructure, includes on-site generation technologies such as solar PV and CHP, as well as battery storage.
And the fund will also cover the costs associated with grid connection of any generation technologies installed on-site.
The £500 million includes contributions from high street banks Natwest and Santander, as well as Sumito Mitsui Banking Corporation and sustainable finance firm Triodos Bank.
Mark Cumbo, director for infrastructure and renewable energy at Santander Corporate & Commercial, said: “Santander is delighted to have been chosen as the MEEF relationship bank and to be committing a material portion of the £500 million secured.
“This is a stand-out scheme for London, which is looking to lead the world in terms of carbon reduction, and we fully support the GLA, the Mayor of London and Amber Infrastructure in bringing about this compelling, long-term initiative.”
London has been a slow adopter of rooftop PV but recently added measures have been put into place in a bid to drive installations. Khan’s solar strategy, published last year, unveiled a raft of measures designed to stimulate the market, perhaps most notably the introduction of collective buying schemes which successfully delivered savings of around 35% on market prices.