Santander, the UK’s fifth largest bank plans to install LED lighting across 800 branches and 14 offices buildings in the UK.UK Green Investment Bank and Sustainable Development Capital Ltd. have invested GBP17.5 million (US $25.75 million) for the project which will install some 90,000 new LED lights. Santander expects to complete the installation by the end of the year.
The SDCL-managed UK Energy Efficiency Investments Fund, in which GIB is a cornerstone investor, is investing GBP 8.4m in the project. Private company UK Energy Efficiency Investments invested a further GBP 9.1m.
The project is expected to reduce CO2 emissions that are equivalent of removing 3,000 cars from the road. The LED-based lighting retrofit will save more than 50 percent compared to the previously installed lighting. Santander says the lighting quality improvements will also enhance the customer experience.
GE Lighting will supply the LED lighting products for the project. SDCL will install the lighting and maintain it for ten years at all of the branches.
Under the deal, SDCL will provide lighting services, designed and delivered by GE Lighting, for ten years in all branches.
Chris Richold, Director, Santander, said, “Santander has been keen to demonstrate leadership in environmental sustainability and finance. There are fewer better ways to do so than to conduct and finance an energy efficiency upgrade throughout our entire UK estate. We look forward to working with SDCL and GE to help replicate similar solutions for our clients in the UK and around the world.”
Ed Northam, Head of Investment Banking, UK Green Investment Bank, said, “The relatively simple action of installing LED lighting can have a big impact on efforts to reduce the cost of electricity and cut energy demand while creating a better environment for customers, clients and employees. Santander has recognised this, and should be congratulated for sending a signal to corporate UK that energy efficiency makes good business sense.”