Triple Point, the private markets investment manager, has been selected as the delivery partner for the next phase of the UK Government’s Green Heat Network Fund (GHNF), continuing a partnership that will now stretch 12 years dedicated to advancing low-carbon heat networks across England.

Since its inception, the GHNF has been a cornerstone of the government’s efforts to decarbonise heating, aligning with broader objectives to create green jobs, transform the supply chain and stimulate economic growth. Triple Point’s management of the fund has already demonstrated its potential as a catalyst for private investment, with every pound of public funding typically leveraging over three pounds from private sources.

Minister for Energy Consumers, Miatta Fahnbulleh said:

“Developing heat networks with a green heating source not only helps our mission to reach net zero but also helps communities to benefit from low-cost and efficient heating. Our Green Heat Network Fund supports innovative projects to do this, with low-carbon heat from sources such as data centres and factories providing hot water to connected buildings. This new contract means we will work with Triple Point to support the creation of more heat networks as we make Britain a clean energy superpower.”

The new five-year contract, running from 2025 to 2030 will build on Triple Point’s proven track record of partnering with Government since the launch of the Heat Network Investment Project (HNIP) in 2018. To date, both funds have awarded £924m to 98 projects that, when operational, will go on to connect more than 153,000 homes and more than 2000 non-domestic customers to heat networks which are predicted to save more than 475,000 tonnes of CO2 per year with more to come. Triple Point has worked closely with applicants over the last seven years, building relationships with the project teams and expanding the pipeline of opportunities.

Starting with plans for a Round 10 of the GHNF, the new contract will mean that Triple Point continues to steward public funds to support the development of heat networks that deliver affordable, low and zero-carbon heating to homes, businesses, and public buildings. This appointment comes at a pivotal moment in the industry with anticipated regulation on heat network zoning set to unlock significant inward investment and deliver huge market growth.

Ken Hunnisett, Head of Clean Heat at Triple Point, said:

“We’re incredibly proud to continue our work with the government at such an exciting time for heat networks. This contract reflects our long-standing commitment to professionalising the market and creating opportunities for sustainable growth. With heat network investment potential estimated to be as much as £100 billion by 2050, we take pride in the role we’ve played in embedding and expanding this industry across the UK. We’re eager to be at the forefront of delivering a commercially driven, self-sustaining district heating sector, one that supports the UK’s net zero ambitions and attracts substantial patient, private capital.”

As the current Round 9 of the GHNF progresses — open for applications until 11 April 2025 —Triple Point remains focused on laying the groundwork for the next phase. The expected announcement for Round 10 of the fund signals strong government confidence in heat networks as a vital component of the Warm Homes Plan and the UK’s low-carbon future.