Siemens Financial Services (SFS) has been awarded ‘Finance Product of the Year’ at the annual British Renewable Energy Awards for its Energy Efficiency Financing (EEF) scheme, a joint initiative between SFS and the Carbon Trust. Organised by the Renewable Energy Association (REA), the Awards are considered the most prestigious event for UK renewable energy industry, recognising and celebrating the achievements of companies and individuals who have contributed to the development of the renewables sector. As the first dedicated low carbon finance scheme in the UK, the EEF’s pivotal role in helping accelerate the deployment of renewable technologies has now been given further recognition with the REA’s accolade.
Darren Riva, Head of Energy Efficiency Financing at SFS in the UK, commented, “We are delighted to be given this prize by the REA. While there are both compelling economic and environmental merits for green investments, raising or prioritising capital represents a major obstacle to making those investments, particularly for small- and medium-sized enterprises that often have difficulties accessing traditional bank loans. With a strong conviction that a differentiated and customised financing product could help make the deployment of energy-efficient and renewable technologies affordable and accessible, we launched the EEF scheme in 2011 with the support of the Carbon Trust. This industry award therefore has a double significance to us by not only recognising the scheme’s unique approach to financing but also its contribution to the renewables sector in particular.”
The EEF scheme offers organisations an affordable means of implementing energy-efficient and renewable technologies by aligning the monthly finance cost with the expected energy savings/earnings, thereby removing the need for initial capital outlay. Since the launch of the scheme, EEF has provided tens of millions of pounds worth of finance to the energy efficiency and renewables sector. The latest accolade from the REA is another solid testament to SFS’s efforts to boost green growth following its win as “Green Lessor of the Year” from Leasing World late last year. SFS was also crowned the winner of “Best Company” by Building and Construction Review UK for its presentation of the EEF scheme at this year’s Eco Build Show, the leading event for sustainable design, construction, energy and the built environment.
On account of SFS’s recognised experience in financing green equipment, Darren Riva has also been recently appointed as chair of the Asset Finance Forum of the REA. The Finance Forum’s main aim is to bring renewable technology developers and financers together in order to optimise the flow of funds into renewable technologies. With Darren’s in-depth knowledge of asset finance, as well as his particular understanding of how finance can be applied to drive adoption of renewable energy equipment, the Asset Finance Forum will be able to catalyse the deployment of a wide variety of renewable technologies under Darren’s leadership. technologies more accessible and affordable.
