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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.

Scottish energy industry gets £600m investment boost

Scottish energy industry gets £600m investment boost

Scottish Hydro Electric Transmission has awarded four contracts worth £600 million to build new electricity substations in the north of Scotland set to create new jobs and boost the trades.  

This multi-million development of the new substations are an integral part of SHE Transmission’s investment programme to heavily upgrade and reinforce the transmission network and will help facilitate the connection of more renewable generation in the north of Scotland.

Miller Quatro is a joint venture between Miller Construction and three Spanish companies, Sacyr Industrial, Isastur and Aditel known collectively as Quatro T & D.

Chris Webster, Chief Executive, Miller Construction, said: “We are delighted to have secured a place on this substation delivery framework.  Miller Quatro is a new entrant to the market place and we are looking forward to working with our joint venture partners to contribute towards the delivery of infrastructure required to support the connection of renewables.”

Pedro Siguenza Hernandez Chief Executive Officer of Sacyr Industrial said: “This agreement provides a significant opportunity for the growth of our Miller Quatro joint venture. We are fully committed to contributing to our client’s successful development of this framework”.

Demand for connection to the transmission network from renewable developers has increased considerably, requiring significant change to its configuration and operation.

David Gardner, SSE’s Director of Transmission, said: “The award of these contracts, with some of the industry’s global experts will help deliver the infrastructure that is needed to support the connection of renewables, as well as providing a boost to the local communities where we are operating.”

What is your reaction to the new £600 million funding for Scotland that will kick-start the energy industry and boost the trades? Share your thoughts by commenting here or raise your voice on our Facebook and Twitter pages.

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