GIB gives funding for NCP to retrofit car parks with energy efficient lighting

by Search Gate staff. Published Wed 04 Dec 2013 14:04, Last updated: 2013-12-06
NCP car parks to get energy efficient lighting

Lighting specialists Future Energy Solutions (FES) has been chosen to retrofit NCP car parks across the UK with new energy efficient lighting systems following a £10 million deal announced today by The UK Energy Efficiency Investments Fund, in partnership with FES.

The Fund is managed by Sustainable Development Capital (SDCL) and funded by the UK Green Investment Bank. A UK Guarantee will underpin the investment.

Switching to LEDs will deliver a high quality lighting solution that delivers a better customer experience whilst at the same time significantly reducing energy demand, maintenance costs and greenhouse gas emissions.

The project in up to 149 locations is expected to save over 11,000 tonnes of CO2e per annum and generate energy savings of over 65 per cent in the car parks that are being retrofitted.

The investment enables the project to be delivered for NCP at no up-front cost, with the project being financed by energy cost savings over time.

Lighting specialist, FES, has developed the project and entered into a supply & services agreement with NCP to deliver the solution.

The UK Guarantee was key to the financing. The scheme was launched by the government last year to provide up to £40 billion of support to help important infrastructure projects raise finance. This is the first transport infrastructure project to have qualified for a UK Guarantee and demonstrates the flexibility of this unique scheme.

Chief Secretary to the Treasury, Danny Alexander said: “I am delighted that we have been able to support this innovative investment which improves car park facilities in 149 locations, making it easier for firms and families to access business opportunities in our city centres, and supporting growth across the UK.

“It demonstrates the flexibility of the UK Guarantees scheme, and shows we are using the strength of our balance sheet to support important projects that affect day to day lives of people in the UK.
“The project shows that being energy efficient is common sense, saving money and reducing emissions at the same time. I hope it encourages other infrastructure projects to come forward to see how a guarantee might be able to help them.”

CEO of Sustainable Development Capital, Jonathan Maxwell, said: “This is an important investment for our fund and a first of a kind in many respects, from the sheer scale of the energy efficiency work that Future Energy Solutions will be doing to retrofit NCP sites right across the country, to the structuring and innovation involved in providing financing to it to deliver the service at no up front cost to NCP.”

Chief Executive of the UK Green Investment Bank, Shaun Kingsbury, said: “This project is important because it offers a demonstration, to all businesses, that energy efficiency is, first and foremost, good business sense. NCP will see the cost of the entire retrofit project more than covered by the savings and it will help them manage risk and improve the experience of their customers.

“We’re delighted to support NCP and encourage other companies with high energy costs to speak to us about how energy efficiency measures can strengthen their business.”

Chairman of Future Energy Solutions, Anthony Lyons said: “There are huge wins on a multitude of levels in this project. The deal has enabled Future Energy Solutions to deliver a lighting replacement across a sizeable potion of NCP’s portfolio, delivering significant savings in energy and monetary terms for the client of around 70%.

“The portfolio with efficient lighting technology installed, will have no maintenance costs for NCP moving forwards. Most important of all the new LED lighting will enhance the environment of the car parks, improve safety and security for all users, making the environment within the car parks more inviting.”

CEO of NCP, Jo Cooper added: “NCP has been seeking a partner in the energy contracting market to support and deliver a wholesale upgrade of our lighting systems across the Multi-Story Car Park portfolio. Future Energy Solutions and its funding partners have tailored a deal for us which is off-balance sheet, requires no up-front investment, dramatically reduces our operational costs for an extended period of time, and reduces our energy use substantially. This has a big impact operationally and financially.

“Most importantly of all the car parks will be well fully lit and energy efficient, improving the sites for all our customers and helping us achieve our environmental goals.

“We look forward to addressing other energy efficiency areas where there are tangible wins for NCP moving forwards.”

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