The University of Hull announced it has secured £86 million 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 laboratories and teaching spaces.
This will include new carbon efficient and carbon neutral buildings, as well as additional renewable energy and digital infrastructure.
University of Hull Vice-Chancellor Professor Susan Lea 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, said: “We are delighted 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.”
The university added: “Our Energy and Environment institute combines research expertise and innovation knowhow to enable businesses to reduce their carbon footprint, while our Waterline partnership works to position the Humber, the UK’s Energy Estuary, as a leader in the global transition to a zero-carbon future.
“The Humber region is currently world-leading in its offshore wind manufacturing industry, and the university, through its award-winning Aura partnership, plays a crucial role in the creation of green skills and training.
“The development will support the ambitions of the wider Humber community and region in further mitigating its environmental and carbon footprint, with the construction and improvements to existing infrastructure also supporting the development of local jobs in the Humber region.
“The university will work with staff and students throughout the development, as well as the local council and public engagement groups to ensure that the plans continue to support their ambitions as a civic university.”
Financial advisory and legal services for the investment were provided by QMPF and Mills & Reeves LLP.