Green Deal Finance
The Green Deal Finance Company (“GDFC”) has been acquired by Green Bidco No 1 Limited, an independent acquisition company jointly owned by Greenstone Finance and Aurium Capital Markets (“Aurium”).
Greenstone Finance and Aurium have purchased the business and assets of the GDFC along with its existing loan book, with a principal value of more than £40m. Honeycomb Investment Trust (“HIT”), managed by Pollen Street Capital, is supporting the acquisition. The new ownership will continue to service the existing Green Deal Loans and will commence financing of new Green Deal Loans in quarter one of 2017.
Existing Green Deal Plans will continue to be managed as normal by GDFC Services, with no impact on existing Green Deal plan customers. David Brent, Chairman of the Green Deal Finance Company, stated:
"I and the rest of the Board of the GDFC are delighted that, following the announcement by the Government in July 2015 of its decision not to provide further funding for the GDFC, we have completed the sale of the company to a buyer who intends to re-activate the GDFC’s pay-as-you-save lending activities. The sale shows the significant value of the pay-as-you-save system the GDFC developed. With the right backing it has the potential to fulfil the environmental and energy efficiency objectives set out by the Government and the GDFC’s other stakeholders when the GDFC was first established.”
Who are Greenstone Finance?
Greenstone Finance was established in 2015, focusing on investing in start-up companies within the renewable energy and energy efficiency sector. They are a private company, backed by a consortium of investors, aiming to become the leading finance providers to UK homeowners, landlords and SME’s.
Who are Aurium?
Aurium provide investors with access to renewable energy and real estate investment. They are a leading mid-market investment house, specialising in managing risk to provide finance to areas where it is crucial to achieve above market returns without compromising asset security.
With the rising cost of energy, more households are at risk of falling in to fuel poverty. Households that spend more than 10% of their income on fuel to heat their homes are classed as being in fuel poverty. Households on very low incomes tend to underheat their homes significantly which can pose health problems, particularly for the most vulnerable.
This September you will be able to come and see Easy Green Deal at the Heating and Renewables Roadshow.
Green Deal Oversight and Registration Body (ORB) Announcements
Following the announcement to cease funding of the Green Deal Finance Company, DECC has determined that Green Deal Providers (GDPs) are no longer required to hold full FCA authorisation to access ECO Brokerage.
As the government closes the Green Deal Finance Company, let’s not forget that this does not mean an end to The Green Deal!
Following on from last month's Warmer Homes Scotland announcement, we have had a number of enquiries seeking clarification about whether Warmworks Scotland will be installing everything under the scheme, or if it will be subcontracting any work out to local installers.
Every home in the UK will be aware that as a nation we need to make a serious commitment to the environment. The current system of relying on non-renewable energy sources can’t go on.
Easy Green Deal™ Ltd, the UK’s leading provider of compliance support services, is urging installers to act now or face missing out on the £224m Warmer Homes Scotland funding.
The Tory government and Prime Minister David Cameron are settled into their new roles in government, and Amber Rudd will be taking over the role of State for Energy and Climate Change from Ed Davey.