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The closed-ended fund will be managed and operated for 10 years by the consortium which is made up from Amber Infrastructure Limited, the leading sponsor and manager of social economic infrastructure projects, Arup, a global engineering, design and planning consultancy, and the public sector arm of RBS. The consortium will use its combined expertise to invest up to £100m in a range of public sector building projects in the capital which are being upgraded with energy efficient retrofit measures.

LEEF is the second Urban Development Fund established for London and aims to reduce the capital’s carbon emissions by 2020, which currently stand at 4 million tonnes per year, or 10% of the capital’s overall carbon footprint.

The Eversheds team was led by investment funds partner Ronald Paterson and corporate partner Paul Lowe, supported by senior associate Fraser Macrae, associate Beth Evans and solicitor Jamie Dunlop. The team provided investment funds and corporate advice on the launch of the fund. Partner and Head of London Tax, Clive Jones also advised on tax issues.

Ronald said:

“This was a complex deal which required in-depth knowledge of the structuring of funds supported by public bodies in the UK and the EU and also of green investment funds. We have had extensive experience working with these vehicles and are pleased to support Amber as it launches LEEF to reduce carbon emission in London.”

Leo Bedford, Programme Director for Amber, commented:

“We’re delighted to be working alongside our consortium partners on a project that will be pivotal for London’s 2020 carbon emissions programme. Eversheds supported us from start to finish, providing practical and professional advice on the multi-faceted field of green investment funds.”