Green Deal consortium is launched
Published: 03 October, 2011
UK: An industry-led consortium, including British Gas, npower, E.ON and EDF Energy have set up a not-for-profit called the Green Deal Finance Company in order to provide the lowest cost of financing for Green Deal jobs.
The signatories include British Gas, Carillion, Clifford Chance, E.ON, EDF Energy, Goldman Sachs, HSBC, Insta Group, Kingfisher, Linklaters, Lloyds Bank Corporate Markets, Mark Group, npower, PwC, RBC Capital Markets and SSE.
The consortium is already working closely with DECC, the European Investment Bank (EIB) and local authorities, with a view to maximising its assistance to the Green Deal market.
Over the next few months many more new associate members are expected to join the consortium, including suppliers, installers, providers, local authorities, and industry and consumer representative bodies.
The GDFC will be a national aggregator that can provide finance to all Green Deal Providers on an equal and open basis.
By operating at a national level, it will minimise the operating and administration costs of Green Deals and will quickly be able to access the cheapest sources of finance in the market at the highest possible credit rating.
Chris Huhne, Secretary of State at the Department of Energy and Climate Change, said: "This is an exciting initiative with the potential to reduce interest rates on Green Deal finance, while also supporting healthy competition amongst Green Deal providers including small businesses.
"New firms like the Green Deal Finance Company are testament to the attractiveness of the Green Deal framework and its potential to offer a better deal to consumers."