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The consortium includes British Gas, Carillion, Clifford Chance, E.ON, EDF Energy, Goldman Sachs, HSBC, Insta Group, Kingfisher, Linklaters, Lloyds Bank Corporate Markets, Mark Group, npower, PwC, RBC Capital Markets and SSE. It is already working closely with DECC, the European Investment Bank (EIB) and local authorities, with a view to maximising its assistance to the Green Deal market.
Over the next few months many more new associate members are expected to join, including suppliers, installers, providers, local authorities and industry and consumer representative bodies.
The GDFC will be a national aggregator that can provide finance to all Green Deal providers on an equal and open basis. By operating at a national level, its aim is to minimise the operating and administration costs of the Green Deal and it will quickly be able to access the cheapest sources of finance in the market at the highest possible credit rating.
Paul Davies, PwC lead partner on the GDFC, said: “The success of the Green Deal Finance Company will be a fundamental building block in the overall success of the Green Deal programme. By minimising the cost of finance to future accredited Green Deal providers, it will create a highly competitive market that will compete on cost, reliability, lifespan and technology. It will maximise the measures that can be included within the Green Deal and for many potential providers will solve the question of where their finance will come from.”
Chris Huhne commented: "This is an exciting initiative with the potential to reduce interest rates on Green Deal finance, while also supporting healthy competition amongst Green Deal providers including small businesses. New firms like the Green Deal Finance Company are testament to the attractiveness of the Green Deal framework and its potential to offer a better deal to consumers.”
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