Bristol City Leap will look to deliver a zero-carbon, smart energy city by 2030.
Led by Bristol City Council and Bristol Energy, the city's energy company, City Leap will establish a joint venture with another organisation or group of organisations to support the delivery of the project.
Marvin Rees, Mayor of Bristol 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."
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City Leap will support the Mayor's ambitions for Bristol to be carbon neutral by 2030. Over £50 million has been invested in Bristol's low-carbon and renewable projects since 2012, and the council has cut its own emissions by 71% since 2005.
Bristol Energy will have a key role in City Leap. As a formal part of the joint venture, the utility will deliver smart energy propositions, such as local tariffs and innovative services, designed to cut carbon and reduce peak energy demand.
In return, the utility will benefit from external investment, significantly reducing its reliance on council funding, while ensuring important social value continues to be delivered to local people.
Marek Majewicz, Managing Director of Bristol Energy, added: "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."
More information on Bristol City Leap can be found here.
