The Greater Manchester Combined Authority fund has launched a £15m low-carbon fund to support property and infrastructure developments that use renewable energy.
The 15-year fund, managed by GVA, will target projects that either would not attract traditional commercial finance due to relatively new technology being used, or schemes that would benefit from the fund’s specialist understanding of the industry.
It will work with the Greater Manchester European Local Energy Assistance Fund, managed by the combined authority, which will assist in upfront project costs in the schemes.
Investment that is repaid by projects will be recycled into further projects across Greater Manchester over 15 years.
John Tatham, senior director at GVA, said: “The benefits that the fund can bring to developers and the environment are vast, as is the scope for the funding, which could include anything from district heating technology to wind farms to reduce the region’s carbon footprint.
“Now that the fund has launched, we are in the process of speaking directly to developers and infrastructure providers to understand their energy requirements and how we can work with them.”
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