Business lender Capitalflow has secured €10 million from the new low-cost Energy Efficiency Loan Scheme (EELS) launched by the Strategic Banking Corporation of Ireland (SBCI).
This funding will enable Irish SMEs to invest in energy efficiency financing projects, helping them transition to sustainable energy.
Businesses can apply for funding until 31 December 2023.
Research shows that Irish SMEs invest just 6% of their budget in energy efficiency - one of the lowest in Europe.
By obtaining €10 million from the SBCI EELS facility, Capitalflow said it can directly leverage a positive impact on the climate, as they can now offer SMEs "easy access" to energy efficiency financing projects.
"We're delighted to be partnering with the SBCI once again in supporting the Energy Efficiency Loans Scheme and the move towards Green Finance," said Ronan Horgan, CEO of Capitalflow.
"By investing now, helped by the Energy Efficiency Loan Scheme, businesses can help the environment and reduce their costs in the medium to long term," he added.
June Butler, CEO of SBCI welcomed the addition of Capitalflow as a partner for the SBCI Energy Efficiency Loan Scheme.
"Capitalflow's participation will assist SMEs & farmers in accessing low-cost flexible finance for investment in energy efficient equipment as they respond to the ongoing increase of energy costs.
"This scheme is our first dedicated climate action related product and has been specifically designed to help Irish businesses to improve their sustainability, cut their energy bills and reduce their carbon emissions by investing in energy-saving measures," she added.
The SBCI EELS facility totals €150 million in funds intended to be a catalyst for energy efficiency investments.
The scheme coincides with plans by the government to become a net-zero emissions economy by 2050 and aims to enable businesses to align their efforts accordingly.
