MEEF FUNDS CHARGING INFRASTRUCTURE FOR LONDON BUSES
The Mayor of London’s Energy Efficiency Fund (‘MEEF‘), managed by Amber Fund Management Limited (‘Amber Infrastructure’), has provided a loan to Zenobe Energy to install a charging infrastructure solution at a bus depot operated by Abellio London, in Walworth. The charging infrastructure will serve the single decker P5 and new C10 bus routes. MEEF’s investment forms part of a wider funding package being delivered by Zenobe Energy which includes the electric buses.
This innovative charging solution which includes a static Battery Energy Storage system at the depot ensures the charging requirements of the bus fleet are met by the local grid infrastructure.
This is an important step in tackling London’s air pollution and supports the Mayor of London, Sadiq Khan’s commitment to zero emission transport in the capital, including making all single decker buses in central London zero emission at tailpipe by the end of 2020. Each bus is forecast to reduce carbon emissions by 37 tonnes and remove 31kg of NOx per year.* Overall, the 34 buses on the P5 and C10 bus routes will save 1,247 tonnes of CO2 per year, the equivalent of taking over 1,100 cars off the road.
The new electric buses meet the new TfL Bus Safety Standard with Camera Monitoring Systems that replace traditional wing mirrors, Intelligent Speed Assistance, Acoustic Vehicle Alerting System and a revised front design to improve pedestrian and vulnerable road users’ safety.
This is MEEF’s first investment in the low carbon mobility sector since MEEF’s Investment Policy was widened earlier in the year. Eligible projects under this priority include EV charging, alternative fuel stations and Hydrogen fuel cells And MEEF is seeking to make further investments in the sector over the coming months.
Since launching in July 2018, MEEF has committed over 90% of its European Regional Development Funding having made investments in EV charging, district heating, streetlighting and energy efficiency sectors creating energy savings of over 31,160,000 kwh.
Shirley Rodrigues, Deputy Mayor for Environment and Energy:
“The Mayor is working hard to cut London’s transport emissions to tackle the twin dangers of toxic air pollution and the climate emergency. London already has more than 370 electric buses operating across the TfL network as well as 12 dedicated Low Emission Bus Zones which have shown a dramatic reduction in harmful emissions. Zenobe Energy’s innovative new electric charging infrastructure will help keep London’s growing electric bus fleet moving and further power the capital’s electric vehicle revolution.
As London begins to recover from the COVID-19 pandemic, the Mayor’s Energy Efficiency Fund will have a vital role to play in the capital’s green recovery. Projects like this will help create new green jobs and skills, as well as supporting businesses to cut emissions, reduce energy bills and develop new green technologies.”
Jo Patrick, Co-Head of Sustainable Energy at Amber Infrastructure:
“We are delighted that MEEF is supporting this innovative project particularly during the current Covid-19 crisis and making a positive contribution towards a green recovery.”
Nicholas Beatty, Founder Director, Zenobē Energy:
“This facility with Amber Infrastructure’s MEEF fund demonstrates Zenobē’s continuing leadership in the battery sector with its focus on innovation and provision of solutions to customers which combine the company’s technology, operational and financing capabilities. This funding will be crucial in allowing us to achieve our growth ambitions and support our fast developing EV fleet businesses as our clients adopt zero emission fleets both in the EV bus sector and the wider EV fleet market.”
Please contact MEEF (firstname.lastname@example.org) to discuss a potential application further.
Further information on MEEF can be found at: www.meef.co.uk
Further information on Amber Infrastructure can be found at: www.amberinfrastructure.com
*Based on the electric bus emitting zero emissions in its operational area around London
MEEF will provide a mixture of senior debt, mezzanine debt and equity to London’s public-sector property owners and small-to-medium-sized businesses, including but not exclusively, Local Authorities, NHS Trusts, Registered Providers, Higher and Further Education organisations, Charities and Voluntary Organisations, ESCOs and SMEs. MEEF can fund both up to 100 per cent of the capital cost of a project and part-fund large-scale regeneration projects which demonstrate low-carbon credentials.
ABOUT AMBER INFRASTRUCTURE GROUP
Amber Infrastructure (‘Amber’) is a specialist international investment manager, focused on investment origination, asset management and fund management. With over €4.5 billion in funds under management, Amber invests across six funds and a number of managed accounts. Amber’s core business focuses on sourcing, developing, advising, investing in and managing infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors that support the lives of people, homes and businesses internationally.
Amber is headquartered in London with offices in Europe, North America and Australia and employs approximately 135 infrastructure professionals.
ABOUT EUROPEAN REGIONAL DEVELOPMENT FUND
The project is receiving up to £43 million of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding
ABOUT ZENOBE ENERGY LTD. (ZENOBE)
Zenobē Energy is one of the largest independent owners and operators of battery storage in the UK with 73 MW of operational assets and a portfolio of innovative projects in our pipeline with the distribution and transmission operators. It provides intelligent flexible power solutions to commercial EV fleet operators and are supporting c. 100 EV buses at depots operated by 5 major private and council bus operators in the UK. The company has a strong pipeline of opportunities with other customers in this sector and the last mile delivery sector. It is supplying battery solutions to the transmission and distribution operators, utilities and industrial and commercial businesses reducing their costs of power, supporting their fleets and providing UPS services. Its battery storage services help clients manage power more effectively so they can lower costs, improve resilience and reduce their environmental impact.