U.K. Green Bank and Equitix Invest in Installing Biomass Boilers

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Equitix Ltd., a London-based investment company, is investing 10 million pounds ($15 million) in a project to replace inefficient heating systems in public and private facilities with wood-powered boilers.

Equitix is investing 4.9 million pounds through its Energy Saving Investments fund, whose investors include the U.K. Green Investment Bank, it said today in an e-mailed statement. It’s sourcing a further 5.1 million pounds from its Energy Efficiency Fund. The plan may support as many as 60 projects that will cut bills by as much as 30 percent and carbon-dioxide emissions.

The project will provide “a low-cost and straightforward way for a range of organizations like schools, leisure centers and local businesses to switch their old, inefficient and high emission boilers for new energy-efficient biomass ones; saving energy, cutting emissions and saving them money,” GIB Chief Executive Officer Shaun Kingsbury said in the statement.

The investment is being made through Roundwood Energy Ltd., which will fund, install, maintain and fuel the heating systems for as long as 20 years. It’s working with Woodpecker Energy Ltd., a maker of wood pellet and wood chip biomass boilers.

via U.K. Green Bank and Equitix Invest in Installing Biomass Boilers – Businessweek.

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