Projects and Eligibility
MEEF is open to all of London’s public sector and can also invest in Energy Service Companies (ESCOs), Special Purpose Vehicles (SPVs) and SMEs.
Yes, as well as funding improvements to existing building stock MEEF can also fund new build decentralised energy projects which can demonstrate a carbon saving to the counterfactual. Please contact the MEEF team for a discussion.
No. Projects must be able to demonstrate that they have followed best practice from a procurement perspective such as OJEU procurement form public sector projects.
DEEP (Decentralised Energy), RE:FIT (Public Sector focus) and RE:NEW (Social Housing focus) provide an OJEU-procured framework open to all public sector bodies wishing to make energy and CO2 savings and MEEF’s objectives are closely aligned to these frameworks including in terms of approach, eligibility and outputs, and the teams work closely together.
To learn more about the GLA’s procurement frameworks please visit:
Yes. As part of MEEF’s due diligence we work with projects to ensure that they are compliant from a state aid perspective.
MEEF requests that projects provide a Measurement and Verification (M&V) plan based on the principles and approach of IPMVP, see: www.evo-world.org
The project must be located within the 32 London Boroughs or the City of London.
MEEF is a sustainable investor, targeting a socio-economic return as well as a financial return on investment while addressing market failure
MEEF seeks to invest in projects that contribute towards one or all of the following:
- Decrease in energy consumption
- Decrease in CO2 creation
- Creation of renewable energy capacity
- There may be additional targets specific to each project and these will be discussed at the 'Project Outline' stage of the application process
MEEF can provide senior debt, mezzanine debt or equity depending on the requirements of the project.
MEEF can provide corporate or project financing solution depending on the needs of the project.
MEEF can also provide framework loans which can be used for numerous smaller projects over a period of time as well as funding individual projects.
No, applications can be made at any time up to 31 May 2023.
MEEF is targeting investments from £3m to £20m but will consider investments of £1m+.
MEEF can invest for up to 19 years.
MEEF is funded by ERDF and private sector funding at a fund level.
As such MEEF can fund up to 100% of costs depending on the project and borrower.
MEEF provides competitive and flexible solutions to address market failure in the low carbon sector by working with each project to provide a bespoke solution that addresses the financing needs of a project.
MEEF invests on state aid compliant terms by utilising state aid measures such as the General Block Exemption Regulation and De-Minimis Regulation.
- LEEF is now full invested and has now reached the end of its investment period. MEEF’s investment period is open up to 31 May 2023.
- MEEF is a £500m fund allowing for larger loans, LEEF was a £112m fund.
- MEEF can invest for up to 20 year whereas LEEF could only invest for up to 10 years.
- MEEF can also invest in a wider range of eligible technologies including decentralised energy and small scale renewables.
- MEEF can also invest up to 10% of the fund in equity projects, LEEF could only invest in debt.