The London Development Agency (LDA) has begun searching for a management organisation to distribute a £50 million cheap energy efficiency fund.
Acting on behalf of the LDA, the European Investment Bank has launched a quest to find suitable organisations capable of administering the Energy Efficiency Urban Development Fund, which will be used to finance a range of green projects across London.
The fund will primarily focus on cheap energy efficiency projects put forward by public and voluntary sectors and social housing projects and will later cover larger energy schemes.
The subsidy is part of a wider £100 million London Green Fund aimed at providing loans and equity investments to climate change infrastructure projects around the capital.
Martin Powell, the Mayor of London's environment adviser, said money from the London Green Fund is essentially recycled so more investment can be attracted to develop London's low-carbon economy.
"The London Green Fund is an exciting, innovative way to promote sustainable economic growth and help London to reach its target of cutting carbon emissions by 60 per cent by 2025," he added.
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