UK invests $260 Million on solar panels for hospitals and schools

GB Energy, a state-owned firm, will be leading a 200 million pound ($260) solar panel project to benefit hospitals and schools in Britain, the country announced on Friday. This is the first investment made by the company since its establishment last year, with the goal of lowering electricity bills.

GB Energy, a key component of the Labour Government's plan to improve the public services in Britain as well as to help revive the British economy, was created in October in order to encourage investment in renewable energy.

The 200 million-pound deal may help to dampen speculation about GB Energy's financing ahead of the budget update speech by Finance Minister Rachel Reeves on Wednesday. She is expected to announce reductions to public spending plans.

The government announced that GB Energy would pay for solar panels to be installed on roofs of hospitals and schools in its first major project.

The statement stated that the increase in energy costs since the Ukraine War has put additional pressure on the already stretched budgets for health and education. However, new solar panels and other renewable schemes are expected to help reduce these costs.

Ed Miliband, energy minister, said that Great British Energy’s first project would be to save our public institutions hundreds of millions in bills so they can reinvest the money on frontline.

Our mission to become a clean energy superpower is in action. Lower bills and energy security are the results.

GB Energy is investing alongside the government, as the parliamentary process for its finalisation is expected to be completed next month.

About 80 million pounds of the total investment will be used for schools in England. Another 100 million pounds is earmarked to go towards hospitals. GB Energy is also working with the devolved government on solar projects to be used in their schools and hospitals. Reporting by Sarah Young; Editing by Alvise Armllini and William James

(source: Reuters)