HEIs have applied for funds through two strands: an institutional small projects (ISP) fund and a transformational fund for large, one-off projects. Over 100 expressions of interest have been received for the two strands, demonstrating a high level of interest. In total £30 million is available for the Revolving Green Fund, of which £10 million is allocated for the transformational fund and £20 million for the ISP fund.
Steve Egan, Deputy Chief Executive of HEFCE, said:
'Higher education has a substantial contribution to make in the area of sustainable development. The level of interest shown in this fund demonstrates that institutions are embracing this agenda, and we believe that this funding will significantly contribute to the higher education sector's efforts in this area'.
Alastair Keir, Chief Executive of Salix Finance adds:
'Energy-saving practices benefit the bottom line as well as reducing CO2 emissions; it is often the simplest of changes that can have the biggest impacts. The savings made from easy to implement projects ultimately free up vital resources to be spent on improvements to core services and facilities.'
Under the transformational fund, the £10 million of funding was allocated to three HEIs, for projects submitted by the University of East Anglia, Harper Adams University College and Lancaster University:
Each of these HEIs will add further resources from their own funds, leveraging an additional £9.1 million in total.
Thirty HEIs have been funded for the first round of the ISP fund. Together with the 11 HEIs already working with Salix, they will share £14.8 million. All of this money is to be spent on energy and carbon-saving projects. The full list of funded HEIs for the ISP fund is available.
A second round of the ISP fund with a value of £5.2 million was launched in February. The outcome will be announced in May on the Salix web-site.
Each beneficiary of the ISP fund has to contribute an additional 25 per cent to that provided by HEFCE and Salix, resulting in a further £5 million in total being leveraged for the ISP Fund from individual institutions.
As per the terms of the Revolving Green Fund, both HEFCE and Salix's contribution to the projects is provided as a long-term recoverable grant. The fund was launched in August 2008 to support projects in the higher education sector that reduce greenhouse gas emissions. In total £44.1 million will be spent on energy-saving projects; this figure includes each HEI's contribution to the projects.
Further information on the Revolving Green Fund and HEFCE's approach to sustainability.