The Development Bank of Wales is urging businesses to use Wales Climate Week to think about their own paths to decarbonisation.
The bank is highlighting its Green Business Loan Scheme, a £10 million fund which offers discounted, fixed-interest rates on green business loans for energy efficiency measures and low-carbon heat installations, with no arrangement fees.
The scheme provides access to fully and part-funded consultancy support that helps businesses understand how they can decarbonise. It offers patient capital, with upfront capital repayment holidays and a loan term linked to project payback.
Nick Stork, fund manager for new investments at the Development Bank of Wales, told Business News Wales more about the scheme, its features and how businesses can benefit.
Wales Climate Week, which runs to November 15, aims to bring people together to learn and to explore innovative solutions for tackling and adapting to climate change. This year it coincides with the United Nations COP29 climate change conference.
Nick said:
“Wales Climate Week is likely to get business people thinking about their own action on decarbonisation, and we want to remind them that the Development Bank of Wales is there to support Welsh businesses on their journey and to help them to meet some of the challenges they face around sustainability.
“Wales Climate Week is a great opportunity to let businesses know about this fantastic scheme which really is beneficial for those who use it. We are a key part of Wales’ ecosystem, and we’re not just supporting businesses with commercial funding but we’re also supporting businesses to be able to go on their net zero and sustainability journey.”
The Development Bank’s Green Business Loan Scheme can be used for projects including:
- Investing in renewable energy technology;
- Improving the fabric of premises and energy efficiencies within the building;
- Upgrading systems or machinery to reduce energy use;
- Water usage and waste reduction/improvements
The Development Bank has worked with Gwynedd-based fruit and veg wholesaler Oren Foods, which installed new solar panels at its warehouse, thanks to a £60,000 loan.
Bwydydd Oren Foods provides fresh produce to businesses, local authorities and retail customers throughout north and mid Wales, from its warehouse on the Griffin Industrial Estate near Penrhyndeudraeth. Started in Criccieth by couple Dei and Cheryl Jones in the early 1980s, and originally called DJ Fruit, the business has since grown through acquisitions and reputation.
Now run by their son Gethin Dwyfor, Bwydydd Oren Foods operates 12 delivery vans supplying a number of private and public sector customers, including hotels, shops and local authorities.
Because of the business’ reliance on transportation to sell its produce, Gethin was keen to find a more sustainable way of running his fleet. Oren Foods has now installed a 60MWh solar panel array and two new electric vehicle charging points at its warehouse, allowing it to start the switch to electric vehicles.
This was the second time the business has received support from the Development Bank of Wales, following a five-figure Covid-19 Wales Business Loan Scheme loan provided to the business in 2020.
Halen Mon/Anglesey Sea Salt accessed a £77,000 loan to fit the roof of Tŷ Halen, its Brynsiencyn-based visitor centre, with a 100kw solar panel system accompanying generation system.
In addition to being the heart of Halen Môn’s salt-harvesting business, the visitor centre at Tŷ Halen also provides a shop, education centre, seaweed bathing and a community hub.
It’s estimated that in addition to making a carbon saving of more than 380 tonnes per year, the panels will make a significant contribution to the centre’s energy needs, while also allowing the business to export excess energy back to the grid. The new solar panel system was designed and installed by another North Wales business, St Asaph-based Hafod Renewable Energy.
To find out more about the Development Bank of Wales’ Green Business Loan Scheme visit https://developmentbank.wales/business-need/green-business-loan-scheme
