Triple Point, the purpose-led investment manager, remains at the forefront of the UK’s clean energy market with the most recent allocation of £485 million in government funding to the Green Heat Network Fund (“GHNF”) – for which it is the Delivery Partner. Today, the GHNF announces that £80.6 million is being awarded to heat network projects in London, the South West and the North of England.
Triple Point Heat Networks Investment Management (TPHN) has been a key player in the clean heat sector, making huge strides since its initial appointment in 2018 as the Delivery Partner for the Heat Networks Investment Project (HNIP), and subsequent appointment on the GHNF in 2022 by the Department for Energy Security and Net Zero (DESNZ).
In December 2023, the Government announced a significant allocation of £6 billion in capital funding for various energy efficiency schemes, £485 million of which will go to the GHNF. This funding will continue to support the development of new low and zero-carbon heat networks and facilitate the decarbonisation of existing networks. GHNF’s projects funded to date will go on to connect more than 30,000 homes and 380 non-residential customers to heat networks which are predicted to save 93,306 tonnes of CO2 per year with more to come.
The £80.6 million funding announcement today showcases exemplar projects that will harness waste heat energy from industry and sewerage works, as well as utilising water and air source heat pumps that will generate low carbon heat for buildings.
News of the GHNF’s expansion and extension coincided with DESNZ’s launch of the Heat Network Zoning consultation, which is set to drive heat network development across the UK. Once implemented, the Heat Zoning policy will boost local government confidence in network placement, offering developers and investors clarity on connection numbers and where heat networks represent the most cost-effective solution to decarbonise buildings.
Triple Point has positioned itself at the forefront of a rapidly expanding market. The sector’s appeal is not only evident through continued government support but also the sustained investment into heat networks and clean energy.
Ken Hunnisett, Project Manager of Triple Point Heat Networks commented; “Like all big infrastructure, heat networks are complex and expensive, often requiring subsidies or grants to ensure their commercial viability. News of the £485m funding allocation is a positive reflection on Triple Point, the efficacy of the GNHF and the UK Government’s confidence in the prospects of the sector at large.
The potential for our homes and workplaces to be heated from renewable sources is now a reality, thanks to innovative approaches that utilise heat from local sewage plants and industrial processes. This is demonstrated by the remarkable projects that have made successful applications to the GHNF.
The long-term success of the GHNF though will be the extent to which it catalyses a market that is not subsidy dependent in the way it is today.
To that end, the ongoing work on heat network zoning is a giant stride in the right direction. We’re confident that there will be high levels of engagement in this latest comprehensive consultation.”
