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11/11/2009
Up To £1.4bn In New Loans For Onshore Wind Farms
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Three UK-based banks will start offering new loans to eligible onshore wind farms.
Wind farm developers and the banks will have an opportunity to start brokering the deals at a forum in the city hosted by Ed Miliband and Chancellor Alistair Darling.
The scheme - supported by HM Treasury and Department of Energy and Climate Change - could enable around £1.4bn of onshore wind projects to move to construction over the next 3 years.
The European Investment Bank (EIB) will provide up to £700 million of the new finance, with the remainder matched by RBS, Lloyds Banking Group and BNP Paribas Fortis.
The loans will be available to eligible onshore wind projects with a total project cost of between £20m and £100m.
Mr Darling said: "We welcome the EIB's commitment to provide this vital funding for renewable projects across the UK. The money that is being made available will help continue the essential work of building the UK's capacity in renewable energy.
"As the government continues to push for a global agreement on climate change at Copenhagen it is even more important that we live up to our responsibilities and make progress in reducing this country's dependence on carbon.
"This government is determined to provide all the support that is needed to secure a greener future."
(CD/KMcA)
Wind farm developers and the banks will have an opportunity to start brokering the deals at a forum in the city hosted by Ed Miliband and Chancellor Alistair Darling.
The scheme - supported by HM Treasury and Department of Energy and Climate Change - could enable around £1.4bn of onshore wind projects to move to construction over the next 3 years.
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The European Investment Bank (EIB) will provide up to £700 million of the new finance, with the remainder matched by RBS, Lloyds Banking Group and BNP Paribas Fortis.
The loans will be available to eligible onshore wind projects with a total project cost of between £20m and £100m.
Mr Darling said: "We welcome the EIB's commitment to provide this vital funding for renewable projects across the UK. The money that is being made available will help continue the essential work of building the UK's capacity in renewable energy.
"As the government continues to push for a global agreement on climate change at Copenhagen it is even more important that we live up to our responsibilities and make progress in reducing this country's dependence on carbon.
"This government is determined to provide all the support that is needed to secure a greener future."
(CD/KMcA)
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