Greater Manchester has launched an EU-backed loan scheme to help property and infrastructure developers incorporate renewable energy into their projects.
The Greater Manchester Low Carbon Fund will support projects over a 15 year period after receiving financial backing from the European Regional Development Fund (ERDF).
It will be managed by property firm GVA, who will offer loans to developers to fund projects that cannot attract mainstream commercial finance. This could cover most renewable energy technologies, such as wind turbines dedicated to a particular development, energy-from-waste systems, or combined heat and power (CHP) systems fed by renewable biomass.
“We are in the process of speaking directly to developers and infrastructure providers to understand their energy requirements and how we can work with them”, said John Tatham at GVA.
The scheme will complement Greater Manchester’s existing European Local Energy Assistance (ELENA) fund, which supports public renewable and energy efficiency projects such as street lighting upgrades and district heating.
Green city ambition
Andy Burnham, mayor of Greater Manchester, said: “This announcement comes at an exciting time as we this month we are holding Greater Manchester’s landmark first Green Summit which will set out how we will become one of the leading green cities in Europe.
“I look forward to working together with GVA, developers and infrastructure providers as we use this fund to achieve our goal of reducing carbon emissions across the region by 2020 and investing across Greater Manchester to drive sustainable economic growth.”
Proceeds from the loan repayments will be recycled back into other green initiatives across the Greater Manchester region.