18 May 2022

 

The Mayor of London’s Energy Efficiency Fund (‘MEEF’ or the ‘Fund’), managed by Amber Fund Management Limited, has finalised an additional £30.2 million commitment from the Mayor of London (the ‘Mayor’). The City Hall’s total commitment in MEEF now totals £81.4 million.

This second allocation to MEEF demonstrates the success of the Fund and Amber’s expertise in the sustainability energy sector. MEEF has, to date, committed 100% of its initial £51.2 million capital allocation from the Mayor in 13 investments. This further funding is key to delivering additional investment in low carbon projects across the Capital.

To date, MEEF has provided funding to both SMEs and the public sector, including to finance electric vehicle charging infrastructure, e-mobility assets, innovative district heating schemes as well as energy performance contracts and other energy efficiency measures. MEEF can also provide growth capital to London’s SMEs and recently provided a debt and equity solution to a ‘vehicle as a service’ provider, supporting the Mayor of London’s commitment to zero emission transport across the Capital.

Core to MEEF’s success, is measuring its performance through a clear and accountable measurement and verification process. Fund outputs so far include the mobilisation of over £315 million of capital, CO2 reduction of over 15,988 tonnes per year equivalent to taking over 14,500 cars off the road, savings of over 39 million GWh of energy per annum whilst supporting over 2000 households in London and creating and supporting a number of green jobs in the UK through supply chains, manufacturing and production.

MEEF is keen to continue to support a breadth of technologies including e-mobility, energy efficiency, decentralised energy and small-scale renewables. MEEF aims to crowd in third party capital for projects and will actively work with other sources of funding including the Green Heat Network Fund and the Public Sector Decarbonisation Fund.  

The team at Amber Infrastructure, fund manager of MEEF, actively welcome applications from prospective investments. These can be made at any time up to 31 May 2024, subject to the availability of funding.


Deputy Mayor for Environment and Energy, Shirley Rodrigues: “The Mayor has set the ambitious target to make London net zero carbon by 2030 and has selected his preferred pathway achieve it. The cost of inaction to our economy, livelihoods, environment and to the health of Londoners is far greater than the cost of transitioning to net zero. However, public sector finances alone cannot meet the cost of transforming London’s buildings and transport networks.

The Mayor of London’s Energy Efficiency Fund demonstrates how London can accelerate climate action through a combination of public and private sector investment. This commitment of a further £30 million will help unlock significant amounts of private sector investment and help make the Mayor’s net zero target a reality by the end of the decade.”


Jo Patrick, Head of Sustainable Energy at Amber Infrastructure: “We are delighted to receive further funding from the Mayor of London into MEEF. This fire power will allow us to continue to support crucial low carbon investment across the Capital and play 30ur part in the Capital’s Net Zero pathway.”

Please contact MEEF (meefinfo@amberinfrastructure.com) to discuss a potential application further.

Further information on MEEF can be found at: www.meef.co.uk 

Further information on Amber Infrastructure can be found at: www.amberinfrastructure.com

NOTES TO EDITORS:

ABOUT MEEF

MEEF was established by the GLA in 2018 and is managed by Amber Infrastructure. MEEF provides a mixture of senior debt, mezzanine debt and equity to London’s public-sector property owners and small-to-medium-sized businesses, including but not exclusively, Local Authorities, NHS Trusts, Registered Providers, Higher and Further Education organisations, Charities and Voluntary Organisations, ESCOs and SMEs. MEEF can fund both up to 100 per cent of the capital cost of a project and part-fund large-scale regeneration projects which demonstrate low-carbon credentials.

ABOUT AMBER INFRASTRUCTURE GROUP

Amber Infrastructure ('Amber') is an international infrastructure specialist, focused on investment origination, development, asset management and in Europe, fund management.  Amber’s core business focuses on infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors that support the lives of people, homes and businesses internationally.

Amber is headquartered in London with offices in Europe, North America and Australia and employs over 150 infrastructure professionals. 

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