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Green Deal Finance Company secures funding package

Nov 27, 2014   //   by Kim Alviar   //   Green Deal, New and Views  //  No Comments

Fears of liquidation have been put to an end, as it has been confirmed that the Green Deal Finance Company (GDFC) has secured a £50m rescue package. £34m of it will be provided by the Department of Energy and Climate Change (DECC) and the additional £16m will be provided by private investors which include British Gas, SSE, EDF, E.ON, Npower, and Scottish Power, as well as other private-sector firms such as Carillion, PwC and Insta Group. The GDFC believes the new funding will deliver a 300% increase in the size of the company’s current loan book.

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“We are glad that our Green Deal providers now have even more certainty that funding is in place,” said Mark Bayley , the chief executive of the GDFC. “In addition to the strong backing that the pay-as-you-save model has received from DECC, we have funding from our private investors.”

This rescue package was well needed as there has been a huge increase in applications for Green Deal loans. “This time last year the GDFC had £5.97m finance plans in the system and 1,461 plan applications,” said a spokesman for the company. “This week there is £28.92m in the system across 8,088 applications. On top of that there are now 65 official Green Deal providers and a further 24 in the process of qualifying.”

insulation

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