Mitie has teamed up Sustainable Development Capital LLP (SDCL), an investment firm specialising in energy efficiency and decentralised energy generation, to help both public and private sector organisations plan their decarbonisation roadmap and fund the low carbon equipment and technology they need to make their sites net zero.
Through this partnership Mitie and SDCL will help organisations looking to roll out equipment, such as solar panels to generate renewable energy on site, as well as air and ground source heat pumps to switch buildings from gas to electricity-based heating systems, to decarbonise their buildings and improve their energy efficiency.
Research carried out by Verdantix on behalf of Mitie has revealed that Finance Executives believe that limited expertise (50 per cent) and access to capital (34 per cent) are among the top factors limiting their business’ investment in decarbonisation. This partnership says Mitie will “help remove some of the major roadblocks in many organisations’ net zero journeys”.
Mitie will use its engineering and energy management expertise to help customers manage their sustainability projects from end to end, starting with the auditing of sites to collect baseline energy consumption and carbon emissions data to identify the right solutions for each building. Mitie will then use this roadmap to help its customers procure, install, and maintain the equipment to decarbonise and make sites more energy efficient. SDCL will selectively provide capital to fund the delivery and installation of the solutions identified by Mitie, so that organisations aren’t encumbered by large upfront capital investments. SDCL will maintain long-term ownership of the projects, making them available for use under an energy services agreement.
Pradyumna Pandit, Managing Director, Energy and Sustainability, Mitie, said: “Tackling the built environment is essential for decarbonising Britain. There are many technologies available today that are proven to help businesses reduce costs and carbon emissions from their sites, however large upfront capital costs mean that many are delaying their actions towards reaching net zero.
“This partnership with SDCL will help more businesses overcome these challenges and go further, faster towards their net zero transition while ensuring their operational costs stay on track. We look forward to using our energy management and engineering expertise to help customers with every aspect of their decarbonisation journey.”
Jonathan Maxwell, CEO and Founder, Sustainable Development Capital LLP, said:“Investing in decentralised and efficient energy solutions can contribute to over half of global carbon emission reduction targets by 2030. Onsite energy and energy efficient measures are commercially and technologically proven and capable of implementation at scale today.
“SDCL has worked with Mitie for many years and is pleased to be entering into a partnership to provide cheaper, cleaner and more reliable energy solutions to businesses.”
This initiative is part of Mitie’s Plan Zero commitment to reach net zero for its operations by 2025 and to help its customers implement solutions to reduce their carbon emissions. Mitie has helped customers cut over 353,000 tonnes of carbon, the equivalent to around 11 times Mitie’s own annual emissions, in the last decade.
Mitie has also announced that it will be rolling out solutions to decarbonise four of its properties by the end of the Financial Year 2022 and to make an additional 14 sites net zero every year until all its portfolio of more than 50 buildings have been decarbonised.