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MEMBER PRESS RELEASE – London’s King’s Cross signs landmark green gas deal with Iona Capital

MEMBER PRESS RELEASE – London’s King’s Cross signs landmark green gas deal with Iona Capital

  • Kings Cross will become the first neighbourhood in the UK to move its entire gas supply to AD produced green gas
  • Iona Capital’s partnership will reduce the carbon footprint of King’s Cross by 50%, saving 20,000tCO2 per annum

Iona Capital has agreed a landmark deal with King’s Cross in London which will see the 67-acre estate switch entirely to green gas. This means that all the heating and hot water for the estate’s 2,000 homes, 5 million square ft of offices, retail and dining space will be powered by green gas. By switching its gas supply to green gas, King’s Cross will reduce its carbon footprint by c50% and save 20,000tCO2 per annum from being released into the atmosphere, equivalent to the average annual carbon emissions of around 2,000 Londoners.

The deal, which has been facilitated and managed by Optimised Energy, will see an Iona Capital owned plant in Scotland supply 40,000MWh of green gas each year to King’s Cross. The plant generates green gas from an anaerobic digestion, where farm animal slurries and residues are broken down to produce clean energy.

King’s Cross will use the green gas to supply its on-site energy centre, operated by Metropolitan, specialists in low carbon district heating systems. The energy centre efficiently generates heating and hot water for the whole of King’s Cross using large boilers and by capturing the heat generated by the Combined Heat & Power engines which provide renewable electricity for the estate. Metropolitan Kings Cross distributes heating, hot water and electricity to its occupiers and businesses using its estate-wide district energy network.

Green gas currently represents less than 1% of the UK gas market. The King’s Cross deal will support Iona Capital’s anaerobic digestor facility to expand its operations and enable further investment in the future of renewable energy.

The deal between King’s Cross and Iona Capital has been independently certified by Green Gas Trading Limited to ensure that the gas is 100% renewable, whilst Optimised Energy will verify that the green gas is for the consumption of the King’s Cross estate only.

Alexander Todhunter, Investment Director at Iona Capital, said: “We are delighted that we’ve agreed this deal with King’s Cross to supply sustainable energy to a prime London development. This is part of a number of initiatives we are working on across our portfolio to deliver certified green energy direct to end users whilst giving long term energy price certainty for consumer and generator.”

Claudine Blamey, Head of Sustainability for King’s Cross, commented: “This is an exciting and significant step for King’s Cross and its journey to zero carbon. We are proud that we’re now able to serve our customers with green energy while keeping energy tariffs the same. We know that the UK faces a significant challenge in providing heating for homes and businesses whilst also being able to deliver on its commitments to decarbonise, and we hope this will encourage more investment in the green gas sector.”

Media contacts:

Iona Capital
Nick Ross, Iona Capital: 020 7064 3301 / nross@ionacapital.co.uk
Alex Todhunter, Iona Capital: 07866 717644 / atodhunter@ionacapital.co.uk
Paul Taylor, Taylor Keogh Communications: 020 8392 8250 / paul@taylorkeogh.com

Kings Cross
Keziah Harrison, London Communications Agency: kh@londoncommunications.co.uk / 020 7612 8498
Isabelle Finn, London Communications Agency: ilf@londoncommunications.co.uk / 020 3925 7521

About Iona 
Iona is a leading specialist investment manager with a focus on investing in long term projects in the renewable and low carbon energy infrastructure sectors. Iona manages four funds and has invested in 24 projects to date. Headquartered in London, Iona has an experienced team of renewable energy, waste industry and private equity specialists.(www.ionacapital.co.uk / twitter: iona_capital)

About King’s Cross
King’s Cross is home to 67 acres of inspiring businesses, outstanding architecture, destination restaurants and a vibrant cultural scene. It is London’s creative neighbourhood and a lively place in central London to visit day and night. The area’s industrial past has inspired the 50 new and repurposed buildings; the public spaces between them are a mix of parks, streets, squares, and gardens, with Granary Square and its iconic fountains as a heart. Already known as a foodie hotspot, King’s Cross is now established as a shopping destination. The retail vision has recently been completed with the opening of the Heatherwick Studio-designed Coal Drops Yard, London’s newest shopping street. The district opened in a pair of reimagined Victorian coal buildings, creating 100,000 sq ft of shops, bars and restaurants in the centre of King’s Cross.

Over 20,000 people now work in the area in companies including Google, YouTube, Havas, PRS for Music, Camden Council, The Office Group, ArtFund and Universal Music. Facebook, in one of the most significant commercial deals in London’s recent history, are also set to take 600,000 sq ft of commercial space across three buildings from 2021. A further 200,000 sq ft of office space remains to be delivered. King’s Cross has close to 2,000 homes – a mix of private, rental, student and affordable housing. All have been designed with care by a number of renowned architecture practices. Landmark development Gasholders London, was completed in February 2018, creating 145 new canal-side apartments within a triplet of Grade II-listed cast-iron gasholder frames.

The King’s Cross estate is owned by the King’s Cross Central Limited Partnership, made up of Argent and pension fund AustralianSuper. AustralianSuper owns a 67.5% stake in KCCLP. AustralianSuper manages AUD $140 billion of members’ retirement savings on behalf of almost 2.2 million members. It is a profit for member organization. One in 10 working Australians is a member of AustralianSuper, the nation’s largest superannuation fund.

 

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