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Barking and Dagenham London Borough Council agrees £6.8m green loan with GIB

Published 23 December 2016

The UK Green Investment Bank (GIB) has agreed a £6.8m Green Loan with the Barking and Dagenham London Borough Council that could save the council about £21m.

The loan will be used to finance the replacement of around 14,790 traditional streetlights with new energy-saving LED alternatives. The refurbishment of around 3,300 streetlight columns and the installation of a new central management system are also covered by the agreement.

The council expects the project to help reduce its annual streetlighting electricity consumption by half (by around 3.5 GWh), which equates to a saving of around £400,000 per annum at current energy prices.

The project is also expected to help avoid greenhouse gas emissions totalling more than 1,500 tonnes CO2e for each year of its lifetime.

Installation work, which will be staggered over a two-year period, is due to commence early next year. VolkerHighways has been commissioned to carry out the work following a competitive tendering process.

The council is the first London borough and the fifth local authority in the UK to secure a Green Loan from GIB. Similar funding arrangements are already in place with Glasgow City Council, Southend-on-Sea Borough Council, Stirling Council and Kent County Council.

GIB Investment Banking head Edward Northam said: "Replacing traditional streetlights with LED lamps and installing central management systems can make public sector lighting stock more efficient, cost-effective, environmentally friendly and easier to manage."

Barking and Dagenham London Council Council Leader Councillor Darren Rodwell said: "This is a great deal for council taxpayers and residents. It means we replace expensive old streetlights with low-carbon, energy-saving ones.

"It’s another sign of the council delivering its ambition to provide value for money for residents and make a greener, better Barking and Dagenham."

Source: Company Press Release