Onshore wind farm development looks set for a huge cash boost with the news that three banks will soon offer loans to projects meeting the Government’s new power policy directives.
RBS, Lloyds Banking Group and BNP Paribas Fortis will make loans of between £20 million and £100 million available to eligible schemes, with the Treasury, the Department of Energy and Climate Change and the European Investment Bank (EIB) also stumping-up cash for the £1.4 billion initiative.
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.”