Mitie has been appointed to developer and operate the £36m project for its 25-year life.
The other £18m is coming from Aviva Investors REaLM Infrastructure Fund.
The trust’s ‘energy innovation centre’ will house a combined heat and power unit, biomass boiler, dual fuel boilers and heat recovery from medical incineration.
It will provide heat and power to the Addenbrooke's and Rosie Hospitals, with energy bills cut by an estimated £20m over the 25 year term of the project.
The project remains subject to final planning approval.
Aviva fund manager Ian Berry said: "The development of UK energy centres is a very exciting new area for long-term investors such as pension funds. They can achieve stable, diversified and relatively low risk income streams, while also helping to fund important infrastructure projects that deliver long term savings and sustainability benefits to their clients.”
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