Grant News
The Mayor of London has launched a new fund to support projects that help London meet its net zero ambitions. The Green Finance Fund was launched at London Climate Action Week 2023 and will lend up to £500 million. The aim is to accelerate decarbonisation by lowering the cost of borrowing for eligible organisations.
The fund offers loans with flexible terms at interest rates agreed on a project-by-project basis at or below Public Works Loan Board (PWLB) prevailing rates.
Eligible organisations are the GLA Group, London Local Authorities, Social Housing Providers, NHS bodies, Universities, and Colleges.
Eligible projects must deliver benefits in at least one of the following three categories:
- Energy efficiency
- Clean transportation
- Renewable energy
Projects must also meet a set of gateway criteria related to carbon savings and climate impacts described in the guidance document.
The minimum loan size is £1million, which could consist of aggregated expenditure for smaller projects. Loans are expected to be below £75million; however, this can be discussed on a project-by-project basis.
The loan term can be up to 25 years.
Round One is open for expressions of interest until the 17th December 2024.
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