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Small scale renewable energy to benefit from bank pledge

Community groups and smaller developers eager to utilise the Government’s new feed–in tariffs regime would benefit from the fund

Co-op bank pledges £200m to UK renewables,  guardian.co.uk,   by Zara Maung 1 June 2010, Extra funding for renewable energy will be welcomed as project financing gets tougher The Co-operative Bank increased its support for renewable energy today, by pledging to lend an additional £200 million to the sector in 2010.

The bank also committed to expanding its UK specialist renewables team in Manchester and creating Scotland–based teams at its corporate banking centres in Edinburgh and Glasgow. The investment follows a £400m renewable energy fund set up by the Co-op in 2007, which it says has been since allocated.

Community groups and smaller developers eager to utilise the Government’s new feed–in tariffs regime would benefit from the fund, according to the Co-op’s official statement today, as the bank “has considerable expertise in supporting the development of renewable technologies and specialises in small to medium projects of up to £25m.”

Most of the additional funding will be lent to projects in Scotland where the bank says it sees “tremendous opportunity to expand our presence”……

Hodges says that institutional investors such as pension funds would be a good fit for the renewable energy sector, which can offer stable returns over a long time period, but that a general lack of renewable energy expertise in the investment sector was hindering progress.

Co-op bank pledges £200m to UK renewables | Guardian Sustainable Business | guardian.co.uk

June 2, 2010 - Posted by Christina Macpherson | business and costs, UK | antinuclear, climate change, energy efficiency, renewable energy, renewables, solar, wind