Siemens Financial Services and Carbon Trust announced a joint partnership to provide UK businesses with green equipment finance worth up to £550 million (USD$895 million) over the next three years.

The new deal is intended to boost green growth and unlock business investment in the low carbon economy. The partnership will enable UK businesses to invest in cost effective energy efficiency equipment or other low carbon technologies, such as new efficient lighting and biomass heating.

Siemens Financial will provide the financial backing and manage the provision of funding and the Carbon Trust will use its expertise in carbon saving from energy efficient technologies to assess the carbon, energy and cost savings of any application. This will enable the financing to pay for itself through energy savings.

The Carbon Trust and Siemens also said they have agreed to finance a new commercial venture that will increase the take up of energy efficiency projects. This venture will offer procurement support to businesses wishing to purchase energy efficiency equipment at scale from a network of accredited suppliers and will be launched later this year.