by Ann Withanee — March 14, 2011—The Carbon Trust and Siemens announced the launch of a £550m (U.S. $894 million) financing initiative that promises to help firms cover the upfront cost of energy efficiency investments.
The scheme, which will be formally launched in early April, promises to offer a corporate version of the U.K. government’s proposed Green Deal scheme, giving firms the opportunity to cover the cost of the financing through the energy savings that result from improved efficiency.
Siemens Financial Services Ltd will provide the financing over the next three years and manage the provision of the funding, while the Carbon Trust will use its experience of managing energy efficiency projects to assess the carbon, energy and cost savings of loan applications in order to ensure that the financing pays for itself through reduced energy bills.
The scheme will welcome applications from businesses from April 4 and will also be supported later this year by the launch of a new joint venture between Siemens and the Carbon Trust that will offer firms procurement support designed to ensure they purchase effective energy efficiency equipment from accredited suppliers.
