GIB marks 50th investment with £2m commitment in a sewage heat project
The UK Green Investment Bank (GIB) has announced today (24 June) that it has made its 50th investment since its formation in 2012, taking the total amount it has invested in green projects to more than £2 billion.
The latest investment by the Equitix-managed Energy Savings Investments (ESI) fund – in which GIB is a corner investor – is a commitment of £2 million for a new programme of sewage heat recovery system installations across Scotland.
Beginning with a system at Borders College in Galashiels, Scotland, this summer, the pilot sewage heat recovery technology, developed by SHARC Energy Systems, will see heat extracted from wastewater intercepted from Scottish Water’s Galashiels network.
The heat will then be sold to Borders College under a 20-year purchase agreement. It is hoped that the technology, said to be the first of its kind in the UK, will cover 95 per cent of the college’s heat requirements and reduce its costs and carbon emissions.
An additional £2 million of private sector capital has been mobilised from the Equitix Energy Efficiency Fund (EEEF).
‘A major step forward’ for Borders College
Speaking earlier today, Lord Smith of Kelvin, Chairman of UK GIB, commented: “Our 50th investment neatly sums up what we are trying to achieve at GIB. We are backing the deployment of innovative new technology across the UK to produce renewable energy, cut energy use, cut costs and improve the UK’s green performance.
“It is enabling SHARC Energy systems to equip Borders College with pioneering technology in an arrangement that I hope can be replicated elsewhere in the country.”
Russ Burton, Chief Executive Officer at SHARC Energy Systems, added: “The funding now enables SHARC to move ahead with the flagship installation at Borders College, making it the first organisation in the UK to adopt our world-leading technology. It also represents a major step forward in its heat production and energy efficiency targets for the entire campus.”
The announcement was also welcomed by Lord Dunlop, Parliamentary Under Secretary of State for Scotland, earlier today, who commented: “Today’s announcement will make a positive contribution for the local community in the borders and, in time, the rest of the UK.
“Fifty green energy infrastructure projects have now been backed by GIB, bringing in over £8 billion of investment into every part of the UK. It’s a win for the UK economy and for our country’s energy needs.
“In the years ahead I am certain GIB will help many more innovative project ideas become reality, helping the UK stay at the forefront of energy infrastructure and ensuring Scotland fulfils its enormous green energy potential.”
Find out more about UK GIB.