Amber Infrastructure Group (‘Amber’), the specialist international infrastructure investment manager and an established partner to public sector organisations in the UK for over 10 years, is delighted to announce the launch of the £18 million Green New Deal Fund (‘GNDF’). The GNDF is a new low carbon fund established in partnership with the North of Tyne Combined Authority (‘NTCA’) in order to help the region meet its net zero strategy, providing finance to both the public sector and to Small and Medium-size Enterprises (‘SMEs’).
The COP 26 conference, held in Glasgow in November 2021, highlighted the need for urgent global and regional action to ensure global warming is limited to no more than 1.5C by 2100. The Fund will catalyse investment in low carbon technologies and support the development of green jobs and skills across both the private and public sectors. The North Tyne region is at the forefront of innovation in the UK with significant investments in the development of the offshore wind industry and large-scale battery manufacturing, for example. The region is also home to a significant pool of talent which can be drawn to help foster innovation and build green skills.
The GNDF can provide loans, equity and grants to fund small and medium sized projects that deliver significant carbon and energy savings in the region’s green and low carbon industries. Projects that the GNDF can fund include community energy schemes, Electric Vehicle (‘EV’) charging solutions, building retrofits, small scale renewables, natural capital and low carbon heating systems.
Amber has a strong track record of managing public sector backed low carbon funds, having launched three impact investment funds since 2011 in partnership with the Greater London Authority and Scottish Government. To date, these funds have saved c.67,000 tonnes of CO2 which is equivalent to taking 61,000 cars off the road and have all received additional public monies based on performance.
Giles Frost, Chairman of Amber Infrastructure said: “The GNDF is an exciting new fund that Amber is delighted to be delivering in partnership with the North of Tyne Combined Authority. This Fund will help to support growing businesses and develop talent in the low carbon sector, whilst also acting as a catalyst for inward investment in the region. The Fund’s launch is very timely, following COP 26 and builds on Amber's success in managing low carbon and energy efficiency focused funds elsewhere in the UK."
Cllr Nick Forbes, Portfolio Holder for Jobs, Innovation and Growth said: “The COP 26 UN Climate Change Conference in Glasgow highlighted the urgent need for all nations to take climate action now. The launch of the Green New Deal Fund signals our region’s commitment to reduce carbon emissions and support the growth of the green economy here in the North East. Investing in projects that are creating new, innovative solutions to address decarbonisation will position the North East at the forefront of the UK’s green industrial revolution, and see the region become a major destination for skills in green jobs. The Green New Deal Fund gives businesses in the North of Tyne Combined Authority the opportunity to play a leading role in helping the UK reach its net zero target by 2050.”
Jamie Driscoll, North of Tyne Mayor said: “The world has accepted that we need to hit net-zero as soon as possible. Offshore wind and electric vehicles are essential components. But what about the micro-solutions at a local level? How do we help organisations and communities install heat pumps and micro-generation and even basics like insulation? Our Green New Deal gives them access to the capital they need to reduce carbon emissions now. They will repay the fund over time allowing more investment to help other people. The North of Tyne Green New Deal Fund will create jobs, reduce emissions, and save money – it’s the kind of innovation that’s needed for local areas to become net-zero.”
Amber is now welcoming applications for GNDF funding.
Amber has appointed Bamburgh Capital as a local Business Development partner to support with origination of projects.
NOTES TO EDITORS:
About Amber Infrastructure Group
Amber Infrastructure (‘Amber’) is a specialist international investment manager, focused on investment origination, asset management and fund management. Amber’s core business focuses on sourcing, developing, advising, investing in and managing infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors that support the lives of people, homes and businesses internationally.
Amber’s existing public sector backed low carbon funds include the London Energy Efficiency Fund (2011 vintage), the Scottish Partnership for Regeneration in Urban Centres fund (2011 vintage) and the Mayor of London’s Energy Efficiency Fund (2018 vintage).
Amber is headquartered in London with offices in Europe, North America and Australia and employs over 150 infrastructure professionals.
About The North of Tyne Combined Authority
The North of Tyne Combined Authority is a combined authority with an elected mayor that was created in November 2018, when Parliament signed off on a £600 million devolution deal bringing Newcastle, Northumberland and North Tyneside councils together in an unprecedented transfer of power and investment from Westminster to the North East.
It is tasked with initiating projects to boost growth, create jobs, and create a more green, inclusive economy.
North of Tyne Mayor Jamie Driscoll was elected on a promise to support communities in the North of Tyne to create and build wealth, then keep that wealth in the region.