GIB funded biomass project could save 150k tonnes of C02
The UK Green Investment Bank (GIB) has today announced a £4.9m investment into its first energy efficiency project, which replaces inefficient heating systems with biomass boilers.
The project, which will see a further £5.1m of investment from the Equitix Energy Efficiency Fund (EEEF), will see inefficient heating systems, in both public and private community facilities, replaced with the energy efficient biomass boilers.
According to the GIB, the project could fund over 60 projects, providing public and private sector organisations with up to 30% savings on their energy bills.
The boilers will be fuelled by sustainably sourced wood pellets and as a result CO2 emissions are expected to be cut by around 150,000 tonnes of CO2 over the 20 year life of the investment.
UK GIB chief executive, Shaun Kingsbury, said: "The Green Investment Bank is helping to fund energy efficiency measures for everyone from our largest companies, to individual households through the Green Deal.
"Today's announcement will provide a low-cost and straightforward way for a range of organisations like schools, leisure centres and local businesses to switch their old, inefficient and high emission boilers for new energy efficient biomass ones; saving energy, cutting emissions and saving them money."