Gridserve and Warrington Borough Council (WBC) have today announced that they have completed the funding of a landmark solar deal which will make Warrington the first local authority to produce all its own electricity from clean energy.
Leapfrog Finance is proud to be providing £11m finance to this initiative which will save the Council millions each year in energy costs that can be re-invested in providing local services.
Leapfrog Finance’s Project Finance Transaction Manager, Matt Andrews, noted, “Leapfrog’s involvement in this project has converted what would otherwise be a commercial deal into social impact investment”.
Claire Hanratty, Leapfrog Finance’s CEO, stated that what excited her about this deal is the impact of this reinvestment of savings in community services, alongside the creation of a community benefit fund worth £2.25m which will help to address social outcomes like fuel poverty in the local area. Gridserve is also contributing £100,000 to the fund.
Ms Hanratty said: “The openness of the Council and Gridserve to investing surpluses into this fund is another landmark element of this deal, and one all the parties should be justifiably proud of.”