Green Investment Bank in major NHS project

The Green Investment Bank will provide £18 million of funding towards a new energy innovation centre for Cambridge University Hospitals NHS Foundation Trust in what will be its first investment in the NHS. GIB’s participation mobilises a further £18 million of private capital into the project.

The energy centre will house a CHP unit, biomass boiler, efficient dual-fuel boilers and heat recovery from medical incineration. It will provide heat and power to the trust, including the Addenbrooke’s and Rosie Hospitals. Savings of over £20 million in energy costs over the 25-year operational life of the project are expected, with CO2 reductions of over 25 000 t a year.

The project is subject to final planning approval. MITIE has been awarded the contract to develop the energy centre and operate it throughout the 25-year term.

UK Green Investment Bank Chairman Lord Smith of Kelvin, said, ‘Non-domestic energy efficiency is a priority sector for the Green Investment Bank, and this deal is an early demonstration of our strategy to partner with co-investors and deliver a commercial return to the bank, whilst reducing carbon emissions in the UK.’

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