ESB launches €75m fund to drive down carbon footprint of large energy users

  • ESB’s Smart Energy Services partner with businesses to achieve up to 60 percent savings in energy costs over the next five years
  • No upfront capital expenditure required by customers and investment is balance sheet neutral, since repayments made from achieved savings

26 October 2020

ESB has announced a €75m fund to help large businesses reduce their carbon footprint while making energy cost savings. Up-front capital is proved by ESB for these energy-saving infrastructural projects and repayments can be financed by the resultant delivered savings.  Once the initial capital expenditure cost, borne by ESB, is repaid, the client receives 100 percent of the savings.

ESB’s Smart Energy Services business unit has already delivered projects for more than 300 large businesses across Ireland and the UK. Their list of clients includes Tesco, the V&A Museum in Dundee, Coral Leisure, the Dublin Airport Authority and Ardagh Glass amongst many others.  Last year, ESB’s Smart Energy Services team was appointed by Low Carbon Farming to design, install and manage the Energy Centres for the UK’s largest and most sustainable agricultural greenhouse sites in Norfolk and Suffolk.  

The new fund is expected to deliver carbon savings of up to two million tonnes.

Welcoming the funding, Minister for the Environment, Climate and Communications Eamon Ryan TD, said: “As Ireland transitions to a carbon- neutral future, companies must be encouraged to adopt technologies that will reduce their carbon emissions and energy costs. I welcome ESB’s initiative in supporting large energy commercial users, especially during these challenging times for business.”

Marguerite Sayers, Executive Director, Customer Solutions, said: “Collaboration and providing support to business customers is a key element of ESB’s strategy in leading the transition to a low-carbon future. Through our Smart Energy Services business unit, we are helping organisations undertake energy saving projects that deliver both environmental and financial benefits. Our expertise in energy management and the availability of this fund will help businesses deliver their own green ambitions and save money, while reducing carbon emissions to the benefit of all.”

The fund is open to large businesses with an overall energy bill of more than €200,000 per year. The programme is balance sheet neutral and ESB’s Smart Energy Services team will produce an initial analysis of energy savings potential at no cost to the client.

Commenting on the success of this partnership model, Geoff Byrne, Chief Operating Officer, Tesco Ireland, said: “The measures undertaken as part of this partnership in energy management including lighting upgrades across stores, mean that we’ve seen significant reductions in our electricity demand, reducing our overall energy consumption by 24% in the last five years. Another aspect of our ESB Smart Energy Services partnership is that we are continuing to roll out our electric vehicle charging points at 52 store locations across the country, providing customers with convenience-based charging while they shop. With these initiatives, we are pleased to support the Government’s Climate Action Plan and to further deliver on our aim to become a zero-carbon retailer by 2050.”

For further information and to book a consultation, visit: www.esb.ie/smartenergy 

 ENDS/

Media queries to:

Grainne Burns, grainne.burns@esb.ie/087-9536640

About ESB’s Smart Energy Services

ESB’s Smart Energy Services is a business line within ESB, offering businesses managed energy services through a partnership approach which leverages cutting-edge technology and funding solutions to reduce energy consumption and costs for the industrial and commercial sectors.