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New £34m investment in Revolving Green Fund
Following an evaluation of the first three rounds of the HEFCE Revolving Green Fund, which confirmed the effectiveness of the scheme, a further £34m will now be invested.
The Revolving Green Fund (RGF) provides recoverable grants to help higher education institutions (HEIs) in England reduce carbon emissions and save money with three rounds since 2008. The next round will be run in
partnership with Salix Finance, a company which specialises in providing interest-free loans to public sector organisations for energy efficiency. In this round of the RGF, higher
education institutions can seek funding to implement both small- and large-scale carbon saving projects and, for the first time, water reduction projects. Institutions can seek funding for small-scale projects between £50,000 and £750,000 and around £2m for large-scale projects. HEFCE Chief Executive, Madeleine Atkins, said: “The fund is a very good and effective way to help universities improve their sustainability and achieve financial savings. The review has clearly demonstrated the scheme’s value and I’m happy to announce this next round of funding.” Annie Shepperd, Salix Chief
Executive, said: “Salix Finance is delighted to be co-financing this new offer to universities with HEFCE. We know that this will stimulate innovation and leading-edge projects in energy efficiency and we look forward to supporting our universities with their projects. Every project will be a contribution to the
UK Carbon Plan – reducing our carbon emissions is worthwhile and urgent.” The review, carried out by Blue
Alumni Management Consultants, confirms that HEFCE investment in carbon reduction is effective and achieving significant carbon and financial savings. The RGF has raised the
profile of CO2 reduction with senior management teams in universities, levered £32m so far from their own and partner resources, and enabled carbon reduction projects that otherwise may not have gone ahead. Over the first three rounds of
the RGF, HEFCE has allocated £61m to 130 universities, funding 117 small-scale programmes and 17 large projects. The report provides an
understanding of the outputs from all RGF rounds and includes six case studies illustrating what has been achieved so far
via the following projects:
Aston University: a University- wide strategy for energy efficiency and carbon reduction University of Brighton: improved lighting to achieve energy savings University of Chester: hydro- electric power plant on the River Dee University of Derby: lighting technology to improve the student environment and provide carbon savings University of Exeter: transformation of a 1960s building University of Leicester: voltage optimisation technology in halls of residence.
Details of how to apply for funding are available on the HEFCE and Salix websites. The deadline for applications is 15 October 2014 with successful projects announced in January 2015. Visit
www.hefce.ac.uk for more information.
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