The fund will provide development finance in the form of loans or investment capital to help build facilities for R&D and support energy efficiency.
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Investments will be broadly targeted in three areas:
- £8m low carbon to fund energy efficiency property developments or retrofit existing property developments, including the installation of solar panels, additional insulation and LED lighting
- £7m research and innovation for new labs and technical spaces
- £5m business support — for SMEs to grow and develop
The £20m sum was financed by a grant from the European Regional Development Fund and will be invested by the end of 2023.
Investment capital will be returned by final recipients and the resources will be reinvested into further projects to create an evergreen fund.
This is the third Evergreen Fund in the North West to be managed by CBRE.
The previous two funds have delivered over £500m of regional development.
Will Church, senior director of investment advisory at CBRE, commented: “…This complementary fund, specifically for Cheshire and Warrington, will add to the support of economic growth we have been able to bring to the region in the past eight years.”