CBRE’s Investment Advisory team, part of CBRE Capital Advisors, has arranged a £13 million senior loan facility, on behalf of the Merseyside Pension Fund, to support the development of the first phase of a Heat Network at Liverpool Waters, one of Liverpool’s most significant regeneration projects.
The Heat Network, which will be delivered by Peel Energy part of Peel L&P, will be an integral component to the Liverpool Waters regeneration project. Peel Energy has established a dedicated Energy Supply company which will build, own and operate the Heat Network. Completion is expected in 2023 and once complete, the first phase will provide up to 19 gigawatt hours of heat energy per annum to consumers at Liverpool Waters and the greater waterfront area.
The funding will facilitate the development of two temporary energy centres as well as initial underground pipes to transfer heat energy at the Princes and Central Docks, and northern areas of Liverpool Waters.
The funding marks the third investment backed by the Penson Fund’s Catalyst Vehicle since its establishment in 2017 and meets the ‘Catalyst’ criteria of supporting projects that support the economy in the Liverpool City Region.