Tag: National Wealth Fund

£500m retrofit boost for UK universities as Lloyds partners with National Wealth Fund

Stuart Mitchell

The National Wealth Fund and Lloyds Banking Group have today announced a new commitment to unlock up to £500 million of financing to support the retrofit and decarbonisation of university estates across the UK. The financing will support universities to invest in energy-efficiency upgrades and low-carbon heating across university campuses, helping to reduce emissions, lower long-term energy costs and modernise hundreds of buildings for staff, students and researchers. Through the agreement, Lloyds Banking Group will provide up to £500 million of lending to UK universities, enabled by up to £350…

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National Wealth Fund commits up to £599m to Rolls-Royce SMR

Stuart Mitchell

Following the end of a competitive process, Great British Energy-Nuclear (GBE-N) and Rolls-Royce SMR have signed a contract that enables work to start immediately on the delivery of three Rolls-Royce Small Modular Reactors (SMRs). The National Wealth Fund’s financing will support the progression of the generic design of the new SMR technology, with Rolls-Royce SMR having already moved to the third and final stage of the Generic Design Assessment led by the UK’s independent nuclear regulators. SMRs offer a new route to clean, homegrown power, helping shape a more resilient…

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National Wealth Fund to drive more than £100 billion into the UK economy

Stuart Mitchell

The National Wealth Fund has today set out its ambition to drive more than £100 billion of investment into the companies, infrastructure and supply chains that will unlock growth, creating a more prosperous, cleaner, greener and resilient future for the UK. In its new strategic plan, published today, the Fund sets out how its investments will create and support more than 200,000 jobs, accelerate the pathway to clean energy by saving 500 million tonnes of CO2e GHG emissions by 2050iii, and ultimately deliver a positive return for the taxpayer.  …

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National Wealth Fund backs major grid upgrade in the north of Scotland with £800m guarantee for SSEN Transmission

Stuart Mitchell

The National Wealth Fund has announces an £800m financial guarantee to support SSEN Transmission’s delivery of four major grid upgrade projects underway in the north of Scotland – home to enormous renewable energy generation resources to help achieve clean power targets, improve energy security and reduce constraints across the country. The guarantee is being provided against a £1bn facility with participation from a syndicate of banks, led by Bank of America, as the National Wealth Fund Coordinator and Sole Bookrunner, and including BBVA, HSBC UK, JP Morgan, Lloyds, MUFG, NatWest…

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Fidra Energy reaches financial close on the UK’s largest battery energy storage project, backed by EIG and the National Wealth Fund

Stuart Mitchell

Fidra Energy, a European battery energy storage system (BESS) platform headquartered in Edinburgh, UK, today announced it has secured up to £445 million of new equity investment from EIG and the National Wealth Fund (the NWF) as it reaches financial close on the UK’s largest Battery Energy Storage System (BESS) project at its Thorpe Marsh site in Doncaster, South Yorkshire. Construction of Thorpe Marsh is set to begin immediately and, in addition to the investment by EIG and the NWF, will be funded by new loan facilities of £594 million…

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