GNDF aims to operate a streamlined application process with a quick turnaround on investment decisions; and the provision of standardised, short-form template loans, equity or grant documentation.

Potential project sponsors should contact the GNDF team for an informal discussion on progressing an application. An overview of the approval process is set out below.

GNDF process.png
GNDF process.png

GNDF reviews applications from projects on an ongoing, rolling basis, with no deadline for applications or ‘funding rounds’ except any applications have to be made before October 2025.

The application process includes the completion of the ‘Project Outline’ document which can be downloaded. This sets out key information about the financial structure of the project, the ECMs to be used, and the forecast carbon, energy savings and jobs created. In cases where the net benefit of the grant award is based on technology development or investment in natural capital the projected benefits of the invested sums need to be set out in a clear way over an agreed timeline, and all returns defined, whether this is in financial terms or environmental benefits to the wider community.

The GNDF team will assist potential applicants with this process; including reviewing drafts and discussing structures and the Fund’s approach to measuring outputs. Feedback will be provided on all applications, which may include requests for further information. Indicative term sheets can be issued after reviewing the supplied information.



Prior to investment, technical, financial and legal due diligence including compliance with the Subsidy Control regime will be undertaken to provide assurance on the project and its ability to deliver the claimed outputs, repay the Fund’s investment (where applicable) or show evidence that in the case of a grant award it will instigate results whether in technology development, business growth or other wider social, environmental or educational benefits to the region.

A draft funding agreement will be provided, setting out the terms of the investment, including pricing, drawdown and repayment profiles where applicable, and reporting arrangements.

Once due diligence has been completed, and the funding documentation agreed, the GNDF team can recommend an application for final approval from the Investment Committee.

Reporting on a project’s progress is expected during construction and operational periods.

For GNDF, part of this reporting is on the implementation and results of the agreed ‘Measurement and Verification Plan’, where evidence of the energy and carbon savings made should be provided. The GNDF team and its appointed technical advisor may need to visit the installations and review energy savings, but this will be agreed at a convenient time with the project sponsor.

In the case of equity investments, the GNDF requirements will be more focused on progress relating to the goals set out in the application form around what the equity has been used for and what the expected outcomes from the original investment will be, whether this technology development or growth capital or the wider community benefits.

In the case of grant the expected outcomes will be required to be tracked and reported on to show how the grant benefited the recipient or the wider community through either measured metrics relating to the standard GNDF eligibility criteria or through pre agreed metrics relating to the project with the GNDF panel and assessment teams at the application stage of the project.