Energy efficiency
Announcements prior to September 2017, including this announcement, occurred under previous ownership.
27 March 2015
UK Green Investment Bank plc (GIB) and Equitix have today announced a commitment to fund the installation of energy efficient heating systems in sheltered housing complexes throughout England. The Equitix managed fund Energy Saving Investments (ESI), in which GIB is a cornerstone investor, is investing £2.5m in the project.
This will mobilise an additional £2.5m of additional private sector capital from the Equitix Energy Efficiency Fund (EEEF).
The injection of capital – GIB’s first investment in the UK social housing sector – will see new, highly efficient heating systems fitted in up to 28 developments across the country. This includes a pilot scheme of seven completed installations in the North West.
With each complex consisting of between 38 and 50 individual homes, the complete programme will benefit 1,100 homes.
The highly efficient biomass and gas boiler systems will be fitted externally, to minimise disruption to residents, by Boxed Energy Limited, a joint venture between Places for People and Fontenergy Construction Services.
Once operational, the boiler systems will be sold to Boxed Esco Services Limited which will then manage and maintain the equipment, selling the generated heat to Places for People (PfP), property owner and manager of the sites, under a 20-year energy performance contract.
The arrangement will provide PfP with cost-effective, energy efficient technology that substantially reduces energy consumption at each scheme while avoiding the significant capital costs and the operational burden associated with the installation.
Research from Energy Efficiency Partnership for Homes shows there are close to half a million supported housing units in the UK, many of which would benefit from the installation of more energy efficient heating systems. It is hoped that the structure of the arrangement can easily be replicated at other sites.
Bill Rogers
Managing Director, UK Green Investment Bank
Geoff Jackson
Chief Executive Director, Equitix
David Cowans
Chief Executive, Places for People
About the project
Total GIB share of investment: £2.5m
Total capital mobilised: £5m
Co-investors: Equitix Energy Efficiency Fund (EEEF)
Expected completion: end 2015
Operator: Boxed ESCO Services Ltd
Developer: Boxed Energy Limited
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About Equitix
Equitix is a company established to deliver and manage infrastructure projects from bidding and closing through to construction and service provision. Its reputation is built upon strong relationships with its clients and partners, as well as a committed approach to every project in which they are involved and investment they make.
About Places for People
Places for People is one of the largest residential property development, management, regeneration and leisure companies operating across the UK. The Group owns and manages 148,000 homes and provides housing including homes for sale, market and affordable rent.
Uniquely the Group manages residential properties in all tenures and is one of the UK’s largest managers of private rented homes and leasehold properties. As a not-for-dividend organisation, the profits it makes are reinvested back into its core business of creating and maintaining sustainable places.