Westpac launches Energy Efficient Lease
Westpac Institutional Bank is hoping to capitalise on the move to lower business carbon footprints with a new finance product called the Energy Efficient Lease.The lease package applies the standard features of a lease to energy efficient assets. It includes advice on energy efficiency and 100 per cent funding for the purchase and long term management and maintenance of the asset.Eligible assets include energy efficient building management equipment, renewable assets, computer hardware, medical devices, cooling, heating and air-conditioning systems, and lighting.WIB will deploy a team of carbon specialists with expertise in clean energy opportunities, internal abatement financing requirements, carbon credit off-take and price risk management.Westpac's global head of corporate and institutional banking, Jeff Mitchell, said the rationale for EEL was to give companies a one-stop shop.Mitchell said: "Companies are looking at how they move to a carbon-constrained economy."Large corporate and government bodies have their own capability, but they are also looking for independent verification."Mid-tier companies are looking for a higher level of support."