New fund to invest in large energy users in province

The company, which supplies natural gas, electricity and renewables to the industrial and commercial market in Ireland and the UK, has set up the Vayu Energy Fund to help large energy users to achieve cost savings by investing in projects targeted at reducing consumption.

Vayu’s business customers and prospective customers are eligible to apply for the fund and all energy management projects will be considered, including the upgrade of dated facilities, machinery or technology and the installation of new, efficient systems.

The fund has been set up in response to customer demand following a recent survey by the energy firm. Lack of investment and the misuse of energy were found to be the biggest hurdles for businesses on the island of Ireland striving to reduce their energy bills.

“This fund could bring significant benefits to businesses in Northern Ireland and, with no cap on the size or the type of project we will consider, we are making this investment as accessible as possible,” said fund manager Ciaran Gahan, energy efficiency manager at Vayu.

“We know that if businesses are more energy efficient that they can reduce their energy cost by up to 20 percent.

“While this is a new funding model for Northern Ireland, Ireland and indeed Vayu, our partners Gas Natural Fenosa (GNF) bring with them a high level of expertise and experience which will secure a win-win scenario for all successful applications.”