Energy efficiency
Announcements prior to September 2017, including this announcement, occurred under previous ownership.
22 December 2016
Barking and Dagenham London Borough Council agrees £6.8m Green Loan with GIB
The loan will finance the installation of 14,790 low-energy LED streetlights
Replacing traditional streetlights with LED alternatives could save the council up to £21m
The project could help avoid greenhouse gas emissions totalling 1,500 tonnes per annum
The loan will be used to finance the replacement of around 14,790 traditional streetlights with new energy-saving LED alternatives. The refurbishment of around 3,300 streetlight columns and the installation of a new central management system are also covered by the agreement.
The council expects the project to help reduce its annual streetlighting electricity consumption by half (by around 3.5 GWh), which equates to a saving of around £400,000 per annum at current energy prices. The project is also expected to help avoid greenhouse gas emissions totalling more than 1,500 tonnes CO2e for each year of its lifetime.
Installation work, which will be staggered over a two-year period, is due to commence early next year. VolkerHighways has been commissioned to carry out the work following a competitive tendering process.
The council is the first London borough and the fifth local authority in the UK to secure a Green Loan from GIB. Similar funding arrangements are already in place with Glasgow City Council, Southend-on-Sea Borough Council, Stirling Council and Kent County Council.
Edward Northam
Head of Investment Banking, GIB
Councillor Darren Rodwell
Council Leader, Barking and Dagenham London Council
Total GIB share of investment: £6.8m Green Loan
Expected date of completion: 2019
Contractor: VolkerHighways Ltd
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