The Green Investment Bank (GIB) is providing investment for energy efficient initiative being undertaken by Citibank.

It is GIBs first project in the financial services space and is being made by GIB’s fund manager Sustainable Development Capital (SDCL).

The project, being implemented by Clarke Energy, will provide finance for a project to deliver efficient electricity and cooling in a UK data centre owned by global bank Citi. A Combined Cooling and Power (CCP) system will be installed together with energy efficient cooling units and efficiency improvements to the building’s air conditioning system.

It is the first project of its kind at a UK data centre, and the first project of its kind that Citi has undertaken globally.

The CCP system will generate 71% of the electricity needed to power the data centre in Lewisham, London. It will also provide cooling for the servers housed in the data centre. Citi currently uses mains electricity from the national grid and relies on back-up diesel generators.

Shaun Kingsbury, Chief Executive, UK Green Investment Bank said: “The IT industry is one of the most energy intensive sectors globally, second only to aviation. Energy can represent up to 80% of the cost of running a data centre, so they provide an important opportunity for energy efficiency measures.

This project makes financial sense, reducing Citi’s energy costs, and makes environmental sense, reducing the data centre’s greenhouse gas emissions. And because of the innovative investment model, it will involve no upfront capital expenditure for Citi as the cost of the project will be paid for out of the energy cost savings achieved.”