Bristol is searching for a partner to raise up to £1billion of investment in energy infrastructure to help it become the UK’s first carbon neutral city.
The City Leap project is being led by Bristol City Council and the authority's own energy firm Bristol Energy.
They have now launched a global search for organisations willing to invest in a joint venture that will help Bristol become a zero-carbon, smart energy city by 2030.
The City Leap project was originally unveiled in May last year when the council sent out an invitation across the globe inviting businesses and governments to invest.
The initial invitation ended up attracting interest from more than 180 organisations across, some as far away as Australia, Japan and the USA.
The council’s Labour administration has now revealed plans to move forward with a joint venture approach and has formally launched the procurement process, which is expected to run for a number of months.
Bristol mayor Marvin Rees said: “City Leap is a world first. We are creating a decarbonised local energy system that Bristol can be proud of.
“City Leap is leading the way on carbon reduction, while at the same time addressing important social and economic challenges.
“The inclusion of Bristol Energy is integral to delivering smart energy propositions utilising City Leap’s projects by weaving a number of technologies together, helping to ensure that the company continues to deliver clean energy and social value for local people.”
The council has said Bristol Energy will have a “key role” in the project.
The utility is expected to deliver smart energy propositions - such as local tariffs and innovative services - designed to cut carbon and reduce peak energy demand.
In return, the firm will benefit from additional external investment, aimed at reducing its reliance on council funding.
Marek Majewicz, managing director of Bristol Energy, said: “City Leap will help us deliver a sustainable energy company with social value at its heart.
“From community heat networks, to energy innovation in social housing, the substantial investment from the partnership will enable everyone in Bristol to benefit from low carbon, renewable energy projects.
“Bristol Energy is already working on a wide range of innovative projects and we’re looking forward to harnessing low-carbon technologies for the good of our city and our customers.”
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