Ingenious Clean Energy and energy efficiency solutions company Anesco are to collaborate on a major energy efficiency upgrade for a secondary school in Dorset.
AESSL, an energy efficiency services company backed by the Ingenious Energy Efficiency EIS Fund, has invested GBP2m in the project, which will transform the energy efficiency of the buildings comprising St Mary’s, a secondary school in Shaftesbury with 300 pupils.
The technical delivery of the project will be managed by Anesco, a long-time energy efficiency partner of Ingenious Clean Energy.
AESSL will operate on a performance based energy savings model, also known as the ESCO model. AESSL provides a service to building owners by first assessing current energy usage and designing a range of improvements to bring significant energy efficiency benefits. AESSL then installs these energy savings measures at no upfront cost to the building owner, with the price of the installation recouped through a share of the savings generated over an agreed period.
Within the first year of installation, the project is anticipated to generate energy cost savings of at least GBP130,000 annually.
James Axtell, investment director within Ingenious Clean Energy, says: “We are proud and delighted to be able to offer investors energy efficiency retrofit projects as a compelling asset class. The scope to make an attractive return on investment from inefficient buildings around the UK is vast, and the beauty of the energy savings model is that both building owners and the company providing the energy efficiency upgrade can immediately benefit from the energy saved as soon as the equipment is installed.
“It is estimated that over 70 per cent of today’s buildings will still be in use in 2050. It is imperative that the UK’s property stock becomes more efficient to mitigate the risk of rising energy prices over the next four decades.”
Adrian Pike, CEO of Anesco, says: “The ESCO model is a highly effective way for schools such as St Marys, local authorities and businesses to upgrade the energy efficiency of their buildings without the need for upfront capital. For the client, it can bring benefits from day one.”
Among the improvements planned for St Mary’s, the school will have 220kWp of solar PV installed both in the grounds and on roofs, generating 20 per cent of the school’s electricity requirements. A 995kWp biomass boiler will also be introduced to provide heating for the school’s multiple buildings, reducing gas and oil costs by up to 70 per cent. Further energy saving measures will include a new air handling unit to manage heating for the school’s swimming pool, 1600 new LED lamps, valve insulation to improve the heating infrastructure, and 130 smart meter points to help the school to continue to benefit from and make improvements to its new energy systems.
