Around £75M were been put to financing the green deal scheme by the government.
As part of its £244M initial funding package which it announced last month, the government has backed the Green Deal Finance Company by £50M. The government has put £20M into the company and has provided a guarantee of up to £30M of contingency funding. The £20M will only be used once the other funding in the pot is exhausted and the £30M will be used only if defaults on green deal loans rise higher than expected.
Government’s UK Guarantees scheme,which aims to underwrite infrastructure projects, is providing the contingency funding .
Around Sixteen stakeholders in the company also put in funding totaling £69M including housing provider Gentoo, insulation firm InstaGroup and the contractor Carillion.£25M has been contributed from the Department of Energy and Climate Change to the £69M stakeholder pot, including a previously announced loan of £12M.
To finish, a senior debt facility from the Green Investment Bank contributed £125M to the package, bringing the total to £244M.
The chief executive of the green deal finance company, said it was now ready to offer Green Deal providers a “one-stop-shop to set up, finance and administer Green Deal plan”.
Meanwhile, official statistics published this a few weeks ago revealed there were 7’465 Green Deal assessments in March, the scheme’s second full month of operation, up from 1’729 in February. So, Greg Barker, the Energy Minister, said the Green Deal market was “gathering real momentum”.
The government figure also revealed that £42M of Energy Company Obligation funding-which is used to pay for energy efficiency measures in buildings-had been spent in March, up from £17,4M in February.
The number of providers, installers and assessors within the scheme also all grew. Now, there are 831 installer organisations, 48 providers and 108 assessor organisations accredited.
