Projects

Tate Foundation – LEEF

Energy

Energy Efficiency

LEEF provided a £19.8m loan to finance the retrofit and installation of low-carbon infrastructure as part of the extension at the Tate Modern, one of Britain’s best known tourist attractions

Sector

Energy

Energy Efficiency

Location

London, England

Status

Operational

Funding type

Debt – £19.8m

Financial Close

October 2012

Term length

5 year loan

About

The LEEF facility provided finance to install low carbon infrastructure for the extension of the Tate Modern, to make the building a more modern facility. The measures included a pioneering transformer waste heat recovery; River Thames bore-hole water cooling; passive measures to building fabric; ‘gallery standard’ lighting and controls.

The LEEF facility leveraged private sector finance from RBS and was provided off balance sheet to the Tate Gallery via the Tate’s charitable subsidiary, the Tate Foundation.

Key impacts and benefits

Energy savings per annum

0 %

Annual CO2 Reduction

0,0 tonnes

Leverage

£ 0 m

additional private sector finance leveraged

Sustainable Development Goals (SDGs)

2030 Agenda for Sustainable Development adopted by UN Member States in 2015

SDGs supported:

Outcomes

Supporting this charitable organisation and its green objectives strongly aligned with the LEEF Investment Policy
Through combining retrofit activities and a pioneering design to link the energy systems of the site’s new and old sections, the Tate Modern will be able to increase its gallery space by 60% without increasing its carbon footprint, and become overall ‘carbon neutral’
26% of energy savings per annum
Forecast CO2 reduction: 2,500 tonnes p.a.
LEEF loan leveraged private sector finance from RBS, totalling an additional £37m (as part of a c.£250m project value)

Tate Foundation – LEEF

About

Sustainable Development Goals (SDGs)

Outcomes

Barrow OFTO

East Anglia One OFTO (‘EA1’)

Beatrice OFTO