LEEF provided corporate loan finance to complement the Council’s other funding sources and deliver a range of energy efficiency projects within Croydon’s Capital Programme.
THE BACKGROUND
Croydon Council had an extensive programme of low carbon projects designed to help reduce the Council’s £6m annual energy bill. This combined with other capital commitments resulted in a substantial borrowing requirement. Through working closely with the Council’s team, LEEF provided £3.6m of competitive finance on more flexible terms than PWLB to identify and fund the eligible works.
By investing in its buildings, Croydon secured a number of positive outcomes including significant financial, energy and CO2 savings, reduced maintenance and a more comfortable internal environment for building occupants; all of which contribute towards the Council’s objective of becoming a more efficient organisation.
- Over 50 separate sites extensively retrofitted, including: schools, libraries and civic buildings
- Forecast energy savings of between 10% and 30% per building
- An Energy Services Company (‘ESCo’) was procured to deliver elements of the work under the GLA’s RE:FIT framework, which includes the benefit of an energy savings guarantee
- Energy Conservation Measures will include: Fabric improvements; Renewable energy integration; Biomass boilers; Boiler and chiller upgrades; LED lighting
SDGs Supported
Facts
Project capital cost
£3.6m
Number of Council buildings upgraded by LEEF
50