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Green Deal Finance Company to submit plans by end of the year

Green finance consortium the Green Deal Finance Company will submit plans to gain funds from the Green Investment Bank (GIB) by the end of the year with the aim of developing plans for the Government-led Green Deal programme, it was confirmed today.

The Green Deal Finance Company — a consortium including Carillion, British Gas, Eon, EdF Energy, Goldman Sachs, PricewaterhouseCoopers and Scottish and Southern Energy, among others — will submit its plans to gain a chunk of the GIB’s initial £750M pot of funding.

“We’ve had good discussions with the Department for Energy and Climate Change (Decc),” said accountant and member of the Green Deal Finance Company, PriceWaterhouseCooper partner Paul Davies.

The firm will aim to identify the best value Green Deal options for consumers, and look at how the cost of finance for future accredited Green Deal providers can be minimised, but the scheme’s viability is dependent on initial funding from GIB.

However, there are differing views on whether GIB funding should be used for Green Deal projects, which is primarily intended to kick-start renewable energy projects. Government environment watchdog Committee on Climate Change chief executive officer David Kennedy told NCE there shouldn’t be a role in the GIB funding Green Deal projects.

A decision is expected from Decc in January, but the scheme is unlikely to continue without GIB funding.

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