Southend-on-Sea Borough Council was the first local authority in England to secure finance from the GIB to replace its existing streetlights with lower energy alternatives. GIB and its legal advisors Shepherd and Wederburn LLP have standardised the Green Loan investment process to save the public sector time and money in agreeing a financing package for energy efficiency projects.
GIB agreed to provide funding of GB£8.2 million alongside a grant of GB£5.1 million from the Department for Transport (DfT) as part of a GB£13.5 million programme of refurbishments that will see 14,000 lanterns and around 4,000 other pieces of illuminated street furniture, replaced with energy-saving LED alternatives.