Up to £500 million is being made available for UK universities to retrofit their campuses to become more energy efficient.
The new initiative from the National Wealth Fund, a Treasury-backed fund that invests in clean energy and growth industries, and Lloyds Banking Group hopes to modernise up to 300 buildings.
Lloyds has agreed to provide up to £500 million in lending, with the wealth fund providing financial guarantees of £350 million.
These guarantees will allow the bank to “offer longer tenors and more flexible financing that helps make retrofit projects viable”, according to a statement announcing the project.
It builds on a partnership between the two that has provided similar amounts of money to help retrofit social housing.
