The agreement, announced this week, extends a 12 year public-private agreement which will run until 2030.
The private markets investment management company has already been involved in administration of the Heat Network Investment Project [HNIP], which launched in 2018. Since inception, £942million has been awarded to 98 projects. Once operational, these will connect around 153,000 homes and 2,000 non-residential customers to district heat networks.
Overall, this could save over 475,000 tonnes of CO2 annually. Working closely with applicants over the past seven years, Triple Point focuses on building relationships and teams to work on specific projects. The ‘pipeline of opportunities’ is also expanded. The new contract, which begins at Round 10 of the Green Heat Network Fund [GHNF], will now see the firm oversee public funds to support expansion and development of new district heat networks at a time when associated regulation is expected to change, resulting in a significant boost to inward investment and massive market growth.
Round 9 of the Green Heat Network Fund remains open to applications until 11th April 2025.
‘We’re incredibly proud to continue our work with the government at such an exciting time for heat networks. This contract reflects our long-standing commitment to professionalising the market and creating opportunities for sustainable growth,’ said Ken Hunnisett, Head of Clean Heat at Triple Point. ‘With heat network investment potential estimated to be as much as £100 billion by 2050, we take pride in the role we’ve played in embedding and expanding this industry across the UK.’
‘Developing heat networks with a green heating source not only helps our mission to reach net zero but also helps communities to benefit from low-cost and efficient heating,’ added Miatta Fahnbulleh, Minister for Energy Consumers. ‘Our Green Heat Network Fund supports innovative projects to do this, with low-carbon heat from sources such as data centres and factories providing hot water to connected buildings. This new contract means we will work with Triple Point to support the creation of more heat networks as we make Britain a clean energy superpower.’
Image: Nastya Dulhiier / Unsplash
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