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Banks team up for £1bn of loans for wind power

Three UK-based banks are working with the European Investment Bank (EIB) on a programme to lend up to £1 billion to onshore windfarms over the next 3 years, the UK Department for Energy and Climate Change (DECC) has announced.

The cash is part of the additional £4bn of EIB lending to support UK energy projects announced in the Budget for building onshore wind power projects with a particular focus on small and medium windfarm projects hit by the credit crunch.

The banks:

Loans will be available for eligible wind power projects this autumn once the banks have agreed funding arrangements with the EIB which is planning to make up to £600m of its own funds available to match the banks’ lending, the DECC said. The EIB will match up to 50% of the project debt with the participating banks, potentially allowing for up to £1bn of loans.

Wind power developers and firms can also apply for DECC cash to develop offshore wind technology. There will be up to £10 million in grants, part of the £120m announced in the renewable energy strategy in July to support offshore wind.

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