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Santander lights up new energy finance model

Light Bulb, Santander Lights Up New Energy Finance Model - SantanderCB

Santander has embarked on a project to retrofit LED lighting across its UK estate of 800 branches and 13 office buildings, under the terms of a new financing model that spreads the cost over 10 years in partnership with provider GE. Some 90,000 new lights will be fitted to achieve energy savings of over 50% and cut greenhouse gas emissions by over 7,000 tonnes a year. The lighting is procured and managed without any capital outlay by Santander. GE is providing system design, installation, maintenance and management over the course of the contract, and the Green Investment Bank and Sustainable Development Capital are providing the £17.5m finance. In a statement, the project partners said this 'unconventional approach, in which the financing partners enable the lighting to be procured as a service, rather than a product purchase', could pave the way for other organisations to invest in energy efficiency services without an impact on their balance sheet.

 

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