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The Green Deal Finance Company has fallen short of its target to raise 拢300m of finance for the first set of Green Deals.

The GDFC announced today that it had raised 拢244m in its first round of funding.

In December, last year the GDFC asked its 55 member organisations, many of which are construction firms including contractors Skanska UK, Kier Energy Services and Keepmoat, for 拢76m in loans to kick start its lending operation.

At the time it said it 鈥渆xpects to deliver around 拢300m of financing for Green Deal plans before a second round of financing from a wider group of investors in 2014鈥�.

Mark Bayley, chief executive of the Green Deal Finance Company, said there would be further financing 鈥渇alling into place in the coming months鈥�.

He said: 鈥淭he plan is to negotiate a facility with the European Investment Bank who have an agreement in principle.鈥�

Bayley said he expected this round of financing to be more than 拢100m. 鈥淚t鈥檚 going to be well in excess of what will take you through the 拢300m mark,鈥� he said. 鈥淭hey are not going to get out of bed for 拢66m.鈥�

John Egan, chief executive of Enact Energy, said he suspected the members of the GDFC had not been as forthcoming with loans as the GDFC had hoped.

鈥淚t鈥檚 still a fair chunk of change and that鈥檚 supposed to only be the first tranche of funding,鈥� he added.

Eagan said that because the announcement of the funding was later than expected 鈥� an announcement had been due in January 鈥� the lower level of funding would have less impact because less of the financial year remained to spend it in.

Tim Pollard, head of sustainability at Green Deal provider Wolseley, said missing the target was 鈥渘ot a major concern because take up was going to be low in the early stages meaning the funding was unlikely to be exhausted.

鈥淚t would always be a challenge to demonstrate the impetus to get on to the bond market,鈥� he added.