Revolving Green Fund
The Revolving Green Fund is a partnership between HEFCE and Salix Finance Ltd (Salix) to help institutions adopt a 'low carbon' approach to energy.
The Government announced in Budget 2009 that it would allocate £65m across the UK for investment in energy saving projects in the public sector. £51.5m of this will be available for interest free loans to fund energy saving projects in England within the public sector. Salix Finance will be managing the programme on behalf of the funding council and the sector.
The programme was launched on 10th June, by the Minister for Energy and Climate Change, Joan Ruddock.
The Scheme provides interest free loans to pay for the installation of a wide range of energy efficiency measures across the public sector estate – providing support to organisations in making further progress towards reducing their energy bills and carbon emissions.
The interest free 100% funded loans will be repayable over 4 years with the first repayment due at the start of March 2011 and 6 monthly thereafter.
The minimum amount available is £5000 per application with no upper limit providing all projects can be completed within 9 months of agreed application. The loan should cover the total cost of the project and no match funding is required.
Loans will be available for around 80 different energy efficiency technologies, including building insulation, boiler and lighting upgrades and IT energy efficiency improvements. The repayments should be covered from the energy savings achieved by the projects and organisations can keep all the savings generated once the loan is repaid.
The scheme will accept submitted applications until December 2009 or until all the funding has been allocated whichever is sooner. Funding will be committed on a first come first served basis.
More details can be found on the Salix Finance website http://www.salixfinance.co.uk/loans.html
