University raises £86m to accelerate carbon neutral ambitions
The University of Hull has secured £86m of green funding to invest in sustainable facilities and infrastructure, accelerating its ambition of becoming a carbon neutral campus in 2027.
The private placement funding, provided by three UK and US institutional investors and arranged by Lloyds Bank, will be used to create world-class laboratories and teaching spaces.
This will include new carbon efficient and carbon neutral buildings, as well as additional renewable energy and digital infrastructure, providing the highest quality education and research facilities.
Professor Susan Lea, vice-chancellor at the university, said: “As students look increasingly to universities to take a leading role in tackling the climate crisis, this investment demonstrates to our current and prospective students that we are leading the way in the fight against climate change through the introduction of competitive, cutting-edge and sustainable campus infrastructure.
“All universities need to invest in their facilities to stay at the forefront of research, teaching and innovation within this challenging landscape.
“This funding and the subsequent developments will enable the university to focus on upgrading facilities that are key to our long-term strategy and our sense of place, allowing us to carry out world-leading research into climate and health inequalities and providing students with the green skills to contribute to the UK’s net-zero ambitions.”
Andrew Connors, head of higher education at Lloyds Bank, added: “We are pleased to support the University of Hull’s debut Green Private Placement, Green Financing Framework and Revolving Credit Facility.
“This funding will help the university achieve its ambitious plans to reach Net Zero in 2027. Its impact and benefits will be felt across the whole of the region and we look forward to working with them on this in the coming years.”
As well as providing world-leading facilities and further improving students’ experiences, the development will ensure the university continues to compete on a global scale through its research and innovation, in particular in areas related to environmental sustainability and social justice.
Financial advisory and legal services for the investment were provided by QMPF and Mills & Reeves LLP.
