The Green Bank Has Backed Biomass Projects

By Cynthia Taylor

A London based investment company has announced a fund of £10 million for replacing inefficient heating systems in private and public facilities with energy efficient biomass boilers.

Equitixwill be investing £4.9 million from its Energy Saving Investment funds and the Green Investment Bank (GIB) in the UK is an investor. A further £5.1 million will be sourced from the Energy Efficiency Fund, and the investment will be managed by ‘Roundwood Energy, a energy services company.

This investment will be supporting over 60 different projects, and the GIB claim that customers will save about 30% on their energy bills.

The boilers are to be fuelled by wood pellets which are sustainably sourced and could cut approximately 150,000 tonnes of carbon emissions over its 20-year lifespan of the investment.

Chief Executive of GIB, Shaun Kingsbury, has said that the announcement will be providing a straightforward and low cost method for many different organization such as leisure centers, schools, and local businesses who will be able to switch from their ancient, high emission and inefficient boilers for the new energy much more efficient biomass ones which will save energy, cut emissions and in the long run save money.

Other projects that were reported by the GIB was an investment in an off-shore wind project and in NHS Energy.