UK-based investment firm Equitix has agreed to invest £10m in a scheme to replace inefficient heating systems in public and private facilities with biomass boilers.
The company, backed by the Green Investment Bank, will invest £4.9m through its Energy Saving Investments fund, while the remaining £5.1m will come from the Equitix Energy Efficiency Fund (EEEF).
Equitix said the financing could support more than 60 projects, including both public and private sector organisations, and save customers about 30% on their energy bills.
The boilers will be fuelled by sustainably sourced wood pellets and are expected to save about 150,000 tonnes of CO2 over the 20-year lifetime of the investment.
The investment is being made through Roundwood Energy, which will fund, install, maintain and fuel the renewable heating systems.
Roundwood will work with Woodpecker Energy, a manufacturer of wood pellet and wood chip biomass boilers as part of the scheme.
GIB chief executive Shaun Kingsbury said: "The Green Investment Bank is helping to fund energy efficiency measures for everyone from our largest companies, to individual households through the Green Deal.
"Today's announcement will provide a low-cost and straightforward way for a range of organisations like schools, leisure centres and local businesses to switch their old, inefficient and high-emission boilers for new energy-efficient biomass ones; saving energy, cutting emissions and saving them money."
Image: A Woodpecker Energy biomass boiler. Photo: Courtesy of Equitix Limited.