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The UK Green Investment Bank (GIB) is backing its first project in the financial services sector. The investment is being made by GIB’s fund manager Sustainable Development Capital (SDCL).
The project will provide finance for a project to deliver efficient electricity and cooling in a UK data centre owned by global bank Citi. A Combined Cooling and Power (CCP) system will be installed together with energy efficient cooling units and efficiency improvements to the building’s air conditioning system.
It is the first project of its kind at a UK data centre, and the first project of its kind that Citi has undertaken globally.
The project will reduce Citi’s costs and its greenhouse gas emissions. It will make a meaningful contribution to reducing the data centre’s running costs.
The CCP system will generate 71% of the electricity needed to power the data centre in Lewisham, London. It will also provide cooling for the servers housed in the data centre. Citi currently uses mains electricity from the national grid and relies on back-up diesel generators.
Shaun Kingsbury, Chief Executive, UK Green Investment Bank said: “The IT industry is one of the most energy intensive sectors globally, second only to aviation. Energy can represent up to 80% of the cost of running a data centre, so they provide an important opportunity for energy efficiency measures.
“I am pleased that we have been able to support the first energy efficiency project at a UK data centre and hope that this is the first of many such projects.
“This project makes financial sense, reducing Citi’s energy costs, and makes environmental sense, reducing the data centre’s greenhouse gas emissions. And because of the innovative investment model, it will involve no upfront capital expenditure for Citi as the cost of the project will be paid for out of the energy cost savings achieved.”
John Killey, Head of Global Building Operations Group, Citi Realty Services added: “SDCL has developed a solution for Citi that provides us with sustainable on-site cooling and power that requires no upfront capital expenditure and that creates enduring savings in our annual operation costs and supports us in reducing our greenhouse gas emissions. We are delighted to be benefiting from its innovative financial solution that facilitates and funds a world-class service from Clarke Energy and GE.”
About the project
Total investment: £5.2m
Investors: £2.6m from GIB via the SDCL-managed UK Energy Efficiency Investments Fund, which consists of UK Energy Efficiency Investments 1 and matched funding from private sector co-investors via a parallel fund, UK Energy Efficiency Investments 1A.
Energy generation: 23,680 MWh per annum
CCP capacity: 2.8 MW (via two 1.4 MW systems)
Manufacturer: GE Jenbacher (distributed generation technology)
Operational date: Q4 2015
Installation and Servicing: Clarke Energy (GE’s official distributor for Jenbacher engines in the UK)
