The Mayor of London’s Energy Efficiency Fund (‘MEEF‘), managed by Amber Fund Management Limited (‘Amber’), has extended the Investment Policy to allow MEEF to provide finance to low emission vehicle schemes that benefit the public sector and SMEs.
Eligible projects include EV charging, alternative fuel stations and Hydrogen fuel cells. MEEF can fund the charging infrastructure and required grid upgrades as well as the actual low carbon vehicles.
This is an important step in tackling air pollution in London, it will help the move away from petrol and diesel vehicles to zero emissions vehicles and will support the Mayor’s transition for all new cars and vans to be low carbon fuelled by 2030. This movement to zero emission vehicles will also help tackle climate change.
This widening of MEEF’s Investment Policy demonstrates the flexibility of European Regional Development Funding (‘ERDF’) in order to meet the continuous advances of the low carbon sector.
Projects will need to meet MEEF’s key criteria, that is for every £7,000 of ERDF funds invested the project will need to save a tonne of CO2 per annum and the vehicles themselves will need to remain within Greater London (32 Boroughs of London and the City of London).
Since launching in July 2018, MEEF has committed over 70% of its ERDF having made investment in the streetlighting and energy efficiency sectors creating energy savings of over 13,450,810 kwh
Peter Radford, Director of MEEF, Amber Infrastructure: “By funding low carbon vehicle charging schemes MEEF can help to enable London to meet its air quality reduction targets and enable the electrification of London’s transport. MEEF’s competitive finance enables these low emission schemes to be viable today.”
Jo Patrick, Co-Head of Sustainable Energy at Amber Infrastructure: “It’s great to see MEEF supporting this innovative sector delivering significant carbon and air quality benefits to London.”
Please contact MEEF (firstname.lastname@example.org) to discuss a potential application further.
Further information on MEEF can be found at: www.meef.co.uk
A MEEF EV Fact Sheet can be found here.
NOTES TO EDITORS
MEEF will provide 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 a specialist international investment manager, focused on investment origination, asset management and fund management. With over £8 billion of assets managed, Amber invests in eight countries internationally across six funds and a number of managed accounts. 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 is headquartered in London with offices in Europe, North America and Australia and employs approximately 130 infrastructure professionals.
ABOUT EUROPEAN REGIONAL DEVELOPMENT FUND
The project is receiving up to £43m of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding