Bank banks on energy savings from lighting
Santander is set to achieve energy savings of more than 50% with an upgrade of its lighting infrastructure. A fully funded LED lighting retrofit will see 90 000 new lights installed across the bank’s UK estate of 800 branches and 13 office buildings. The project involves GE Lighting delivering lighting services throughout the 10-year contract, which includes optimised system design, installation, maintenance and management.
The project is being delivered using a cash-positive financing model. It includes an investment of £17.5 million by the UK Green Investment Bank and Sustainable Development Capital and is thought to be the biggest LED-financing package the UK has ever seen.
This financing arrangement enables the lighting to be procured as a service rather than a product purchase, enabling Santander to benefit from reduced operating costs but without the capital investment and impact on the balance sheet.