Revived Green Deal set to be rolled out ‘across the country’
Source: Business Green
Reports of the Green Deal’s death may have been greatly exaggerated. The controversial government-backed energy efficiency scheme could be about to enjoy a second life, after a consortium of investors confirmed they have acquired the scheme’s loan book and administrative system in a deal worth £40m.
The Green Deal was closed to new loans in the summer of 2015 after the government refused to make additional funds available to the scheme.
The closure of the Green Deal to new loans left the government-backed company set up to oversee the scheme, the Green Deal Finance Company (GDFC), to manage the loan book that had been developed from the initial wave of households to sign up to its pay-as-you-save finance plans.
GDFC yesterday (January 16) announced its wholly owned subsidiary GDFC Services Limited, which controls the £43.8m loan book and the Green Deal’s administration system, has been sold to Green Bidco No 1 Limited, an acquisition company set up by Greenstone Finance Limited and Aurium Capital Markets.
The company said the sale was the culmination of a process that originally saw 14 separate organisations express an interest in buying GDFC’s loan book and operations.
It added that under the terms of the deal GDFC has repaid in full the outstanding £20.2m senior loan facility that had been granted to it by the government.