London energy efficiency fund closes initial cycle

London‘s Energy Efficiency Fund (LEEF) has now allocated all of its à‚£65 million ($91 million) in funding for energy efficiency projects in the city.

An agreement announced this week, in which the fund allotted à‚£14.5 million for a project to install a heat network for over 15,000 households, marks the end of LEEF’s initial funding cycle.

The fund, which began in 2011 with à‚£50 million and has received additional capital from the London Green Fund, invests in energy efficiency retrofits to public, private and voluntary sector buildings and infrastructure. To date, LEEF has funded 76 retrofit projects across the city.

The fund is run by Amber Green, a unit of infrastructure fund management firm Amber Infrastructure. Its director Leo Bedford said the fund had achieved a 30% average reduction in energy consumption across its portfolio, ‘dramatically reducing the cost and carbon output in some of London’s most iconic real estate.’

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