New £57.2m energy efficiency fund announced for Ireland

Ireland has decided to create a National Energy Efficiency Fund aimed at implementing various energy efficiency projects and allocated €17.2 million (£14m) for this scheme, a news source can reveal.

The Irish Government has teamed up with investment banking firm Sustainable Development Capital LLP (SDCL) for managing this fund and plans to support projects that help save energy and costs for both public and commercial sector firms.

The fund has managed to raise an initial €35 million (£28.6m), with the Irish Government contributing €17.2 million (£14m) as well as a combination of private capital injection, for a grand total of €70 million (£57.2m). The fund will generate returns based on cost savings.

Ireland’s Energy Minister Pat Rabbitte said: “Energy efficiency represents a huge opportunity to stimulate economic activity, employment and improve national competitiveness.

“Today’s announcement marks an important first step for the Fund, but more importantly says to businesses and public sector bodies – the Fund is open and ready to do business.”

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