ESB Energy launches 75 million fund to help large businesses reduce their carbon footprint
- ESB Energy partner with businesses to achieve up to 60 percent savings in energy costs over the next five years
- No upfront capital expenditure required by customers and investment is balance sheet neutral, since repayments made from achieved savings
ESB Energy has announced a £75m fund to help large businesses reduce their carbon footprint while making energy cost savings. Up-front capital is proved by ESB for these energy-saving infrastructural projects and repayments can be financed by the resultant delivered savings. Once the initial capital expenditure cost, borne by ESB, is repaid, the client receives 100 percent of the savings.
ESB Energy's business unit has already delivered projects for more than 300 large businesses across the UK and Ireland. Their list of clients includes Tesco, the V&A Museum in Dundee, Tesco, Sainsbury's, the Dublin Airport Authority and Ardagh Glass amongst many others. Last year, ESB Energy was appointed by Low Carbon Farming to design, install and manage the Energy Centres for the UK’s largest and most sustainable agricultural greenhouse sites in Norfolk and Suffolk.
The new fund is expected to deliver carbon savings of up to two million tonnes.
Marguerite Sayers, Executive Director, Customer Solutions, said: “Collaboration and providing support to business customers is a key element of ESB Energy's strategy in leading the transition to a low-carbon future. Through our Smart Energy Services business unit, we are helping organisations undertake energy saving projects that deliver both environmental and financial benefits. Our expertise in energy management and the availability of this fund will help businesses deliver their own green ambitions and save money, while reducing carbon emissions to the benefit of all.”
The fund is open to large businesses with an overall energy bill of more than £200,000 per year. The programme is balance sheet neutral and ESB Energy's business unit will produce an initial analysis of energy savings potential at no cost to the client.
Commenting on the success of this partnership model, Geoff Byrne, Chief Operating Officer, Tesco Ireland, said: “The measures undertaken as part of this partnership in energy management including lighting upgrades across stores, mean that we’ve seen significant reductions in our electricity demand, reducing our overall energy consumption by 24% in the last five years. Another aspect of our ESB's partnership is that we are continuing to roll out our electric vehicle charging points at 52 store locations across the country, providing customers with convenience-based charging while they shop. With these initiatives, we are pleased to support the Government’s Climate Action Plan and to further deliver on our aim to become a zero-carbon retailer by 2050.”