The UK Green Investment Bank announced earlier this week that it would partially fund what will be the largest non-Private Finance Initiative streetlighting project in the UK to-date.
Announced on Monday, the UK Green Investment Bank (GIB) said that it plans to provide Kent County Council with a £10.2 million Green Loan to help finance the County’s larger £40 million streetlight conversion program, which intends to replace 120,000 streetlights with low-energy LED alternatives. In addition, the project will install a central management system which will help utilize the LED lights and increase the efficiency of the local authority’s lighting stock.
Kent County Council estimates that the resulting transition will reduce the council’s annual electricity consumption by 60%, cut maintenance costs, and result in savings in excess of £5 million per year.
On top of that, the Council expects the new lighting program will avoid approximately 223,000 tonnes of greenhouse gas emissions during the program’s lifespan.
Work has already begun, according to the Council’s website, with expected completion of the program by May, 2019. The contract for the transition was given to Bouygues Energies & Services, while extra financing has been provided by Salix Finance.
This is not the first time that the GIB has been involved in a streetlighting transition program, having provided funding for similar projects in Glasgow City Council, Southend-on-Sea Borough Council, and Stirling Council.