• Swindon & Wiltshire Economy
• Tuesday September 24 2024
• Author Name: Peter Davison

West of England launches £100 million green investment fund

A massive boost to green investment in the West of England has been announced.

The West of England Mayoral Combined Authority Committee, chaired by Mayor Dan Norris, has announced a decision to set up a £100 million investment fund to drive the green economy.

The MCA investment will be used to leverage private investment by providing confidence to potential investors and demonstrating the region’s commitment to lead on the green economy.

The total public and private investment from this fund is estimated to help to supply up to 36,000 homes with renewable energy and save households £6 million on their energy bills over the next 12 years – an essential step to tackling the spiralling cost of energy for residents and businesses across the region.

The investment opportunities will be delivered in partnership with BBRC, a place-based investor that created the fund model and has a strong record of brokering and investing £71 million into the region in the last ten years and has already developed a wide portfolio of Net Zero opportunities for investment.

“Tackling the climate crisis and delivering on our net zero and wildlife recovery ambitions are essential,” said the metro mayor.

“My Mayoral Combined Authority is committing £10 million of new investment to attract £90 million of private investment to create growth and jobs in important Net Zero industries.

“The fund is a massive vote of confidence in the potential of our region to be a leader in renewable energy and green technology.

“I am saying to businesses and investors that this region is leading the way; come and invest with us and be part of the green revolution the West of England needs and is committed to.”

Ed Rowberry, chief executive of BBRC, said: “We’re delighted the West of England Mayoral Combined Authority has taken the decision to initiate this £100m fund.

“Whilst the West of England has made progress on delivery of Net Zero and nature recovery, the scale of investment required to meet its ambitions and tackle the Climate and Nature emergency needs bold action to accelerate it.

“That means introducing new delivery models with a greater focus on private sector investment and alternative funding approaches. BBRC has a proven and credible track record of delivery, attracting vital private sector investment to the region that it otherwise wouldn’t get.

“We’re grateful to the MCA committee, including chair, Mayor Dan Norris, Leader of Bristol City Council Cllr Tony Dyer, Co-Leader of South Glos Council, Cllr Ian Boulton, and Leader of Bath & NE Somerset Council, Cllr Kevin Guy for their vision and commitment to the green economy.”

Pictured: The BBRC team

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