GBP1.4 Billion Loan Fund Boost For Britains Wind Energy Sector

Wed, 11 Nov 2009

Up to £1.4 billion of funding has been made available to wind-energy projects in the UK.

Over the next three years, the European Investment Bank (EIB) will provide £700 million, while the reminder of the loan fund will be offered by three UK banks - RBS, Lloyds Banking Group and BNP Paribas Fortis.

The scheme, which is being backed by the Treasury and Department of Energy and Climate Change, will offer the loans to eligible onshore wind schemes with a total project cost of between £20 million and £100 million.

Commenting on the move, Chancellor Alistair 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 ."

"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."

Maria McCaffery, chief executive of the British Wind Energy Association (BWEA), added: "There is no reason why the UK’s wind energy sector should not be as successful as those of our European neighbours, particularly given our wind resources."

"The initiative launched today should go a long way towards addressing one side of the delivery problem."
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