Posts tagged RWE

Major industry Players back the Green Deal Finance Company as £244m funding package is ready to flow

Major industry Players back the Green Deal Finance Company as £244m funding package is ready to flow

The Green Deal Finance Company (GDFC) has confirmed a £244 million funding package to set-up Green Deal Plans that will enable providers across the country to begin work on the scheme.

The GDFC can also confirm the 16 organisations behind the stakeholder loan – all key players in the Green Deal. This package will provide very long-term and low-cost funding to enable householders across all parts of the country to finance energy efficiency improvements to their homes.

The 16 organisations behind the stakeholder loan are key players in the Green Deal, including energy suppliers, potential Green Deal installers and the Department of Energy and Climate Change. They are British Gas, Carillion, CertiNergy, CIGA, the Department for Energy & Climate Change, Domestic and General Insulation, EDF Energy, E.ON, Gentoo, InstaGroup, Kingfisher, Newcastle City Council, RWE npower, PricewaterhouseCoopers LLP, SSE, and ScottishPower.

The financing package consists of:

  • committed funding of £69 million from 16 members of the company and other stakeholders in the Green Deal in the form of Stakeholder Loans and Junior Capital
  • an additional Junior Capital Facility of £20 million and a Contingent Capital Facility of up to £30m provided by DECC
  • a senior debt facility of £125 million provided by the UK Green Investment Bank

Mark Bayley, Chief Executive of the Green Deal Finance Company, said: “I am delighted to confirm the completion of the £244m financing package with our principal stakeholders, DECC and the UK Green Investment Bank. We can now offer Green Deal Providers a one-stop-shop to set up, finance and administer Green Deal Plans.

“By ensuring that householders can only borrow what they can expect to save in energy bills, and by offering a fixed rate for 10 to 25 years, Green Deal Plans will be affordable and widely available to over 80% of the population. No other consumer credit product offers a fixed rate for up to 25 years and is this inclusive.”

“I am also delighted to be making this announcement after very strong growth in Green Deal assessments of energy-saving measures requested by householders during March, well in excess of the 1,800 or so assessments carried out in February. Many of these assessments can be expected to convert into Green Deal Plans as householders install the measures into their homes.”

Commenting on the publication of the latest Green Deal statistics, Energy and Climate Change Minister Greg Barker said: “It is clearly very early days but the latest figures on the Green Deal show that this new market is gathering real momentum. 9,268 Green Deal assessments taking place in just over two months is very encouraging and shows a genuine interest from consumers.

“The Green Deal gives people the opportunity to improve the efficiency of their homes, make them warmer and protect themselves from rising energy bills.

“The number of businesses getting on board continues to rise steadily, underlining that the Green Deal offers fantastic new commercial opportunities.

“48 firms are now authorised as providers, with a further 831 registered to carry out installations and over a thousand individuals registered to offer assessments. Overall this is a really promising start for the Green Deal.”

What is your reaction to the £244 million funding for the Green Deal initiative that will finance energy efficiency improvements to people’s homes and boost the trades? Share your thoughts by commenting here or raise your voice on our Facebook and Twitter pages.

RWE unveils plans for Triton Knoll offshore wind farm

RWE national gridOutline planning proposals for the development of Triton Knoll windfarm in Lincolnshire have been revealed, paving the way for new jobs in the building industry.

Offshore wind farms provide enormous economic benefits during their construction both through direct job creation and through the wider supply chain.

It has been estimated that the Triton Knoll windfarm will see the creation of around 500 jobs during the different construction phases, each phase exceeding significant multi-million investment.

Developer RWE has invested over £10 million in the Triton Knoll project since 2003, the vast majority of which has been in support of the UK renewable energy.

There are currently approximately 25 people directly employed on Triton Knoll by RWE. Over 50 consultancy contracts, with a total value of approximately £3 million, have been awarded leading to many more people working on the project.

Over the next year further work will be available which will attract a further additional investment, requiring experienced contractors for the UK offshore renewable energy industry.

Project Manager for Triton Knoll, Jacob Hain, revealed that RWE was planning to use Alternating Current (AC) technology to transmit the power from the wind farm to the national grid, instead of High Voltage Direct Current (HVDC).

Mr hain said: “Our consultation will allow us to gather local knowledge and help communities to influence the proposals and have their say,”

“We are also now able to show the underground ‘cable corridors’ for the cables which will carry the electricity from where it comes to shore in the vicinity of Anderby Creek between the compound and the substation and to the national grid connection point.”

What is your reaction to the development of Triton Knoll windfarm in Lincolnshire which is set to create new jobs and boost the trades? Share your thoughts by commenting here or raising your voice on our Facebook and Twitter pages.

Go to Top