The Green Investment Bank (GIB) has announced it has teamed up with Societe Generale Equipment Finance to allocate $83m towards public and private organisations in the UK, aiming to assist various enterprises in cost-cutting energy efficiency initiatives.

Hospitals and other institutions are to install measures that will curb energy waste and lower bills. Both the GIB and Societe Generale are each providing 25 million pounds to fund measures that are a key part of GIB’s efforts to help the UK meet its overall energy efficiency targets, as set by the EU.
GIB
“Many organizations understand that energy efficiency measures make good commercial sense but, with few financiers in this space, they simply cannot afford the initial investment,” Shaun Kingsbury, chief executive of the GIB, said in the statement.

Five million pounds already has been awarded to a hospital in Nottinghamshire in northern England to install a combined heat-and-power plant, dual-fuel boilers, biomass boilers and an effluent-treatment plant that will save as much as 1.7 million pounds.

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