The delivery of funding, which will support green energy projects across North Wales, is now a step closer given the appointment of two experienced Fund Advisors.
Ambition North Wales has appointed WCVA and UMi, following a competitive procurement process, to prepare and mobilise its Clean Energy Fund which will launch next year.
The fund will comprise of two sub-funds, with WCVA working in conjunction with Community Energy Wales on the voluntary sector sub-fund; and UMi leading the sub-fund targeting the private sector.
The Clean Energy Fund project is part of the region’s Growth Deal which is delivered by Ambition North Wales. It will aim to support initiatives which help achieve renewable energy and decarbonisation targets and that have an element of local ownership – meaning that assets owned by stakeholders located and operating in the region will benefit, whether that’s businesses, communities or voluntary sector organisations, subject to eligibility.
The project will allocate £25m via loans and grants, across the region. There will be £5m targeted at the voluntary sector and £15m for the private sector expected to be allocated largely through loans. Ambition North Wales will initially retain the remaining £5m to use flexibly to top up the funds or to directly support large-scale clean energy projects.
Both Funders Advisors are now preparing the sub-funds, which will require approval by the North Wales Economic Ambition Board next year, prior to the Fund launch. WCVA and UMi will then conduct the project over a 5-year period initially – work which will include sourcing and recommending investments, due diligence as well as monitoring the progress and performance of all grants and loans.
Sandra Sharp, Energy and Net Zero Project Manager, Ambition North Wales, said: “We are delighted to be working with such reputable and relevant organisations on the setting up and roll out of the Clean Energy Fund. Both Fund Advisors bring a wealth of relevant experience and knowledge in undertaking similar funds and generating aligned benefits such as inward investment. WCVA have long been at the centre of supporting the voluntary sector in Wales and UMi have strong, wide-ranging expertise, including the successful delivery of a similar project in Scotland.
“The fund will act as a catalyst, enabling green energy projects to be set in motion and help to unlock private and community investment – therefore making a hugely positive difference to North Wales.”
Nicki Clark from UMi, said: “We passionately believe that businesses have the power to make a difference. We measure our own success on three criteria – whether we’re a workplace where talent thrives, our long-term balance sheet health and the impact we make on the world around us. That’s why we’re incredibly excited and privileged to have the opportunity to work in partnership with Ambition North Wales and WCVA, to enable organisations in North Wales to create real and lasting economic, environmental, and social impact through the adoption of clean and sustainable energy.”
Alun Jones, Head of Social Investment at WCVA, said: “All social businesses work to deliver ‘the triple bottom line’ of people, profit and planet and are only too aware of the responsibilities they carry in supporting the decarbonisation agenda. This fund offers them a huge opportunity to access funding to make their plans happen. We’re really looking forward to helping support some interesting and impactful projects.”
