Monday, 23 November 2009

UK onshore wind farm projects to benefit from £1.4 billion loan

One industry that's been hit particularly badly during the recession has been the UK wind energy companies - as loans and credit to finance new projects dried up.

That's hopefully going to change as £1.4 Billion worth of funding is being made available to three UK based banks, who'll be able to offer eligible onshore wind farm projects new loans.

The money is coming from The European Investment Bank who are providing £700 million on a loan term of 15 years. The other half of the money will be matched by RBS, Lloyds And BNP Paribas Fortis.

*Many small independent wind farm developers (who the scheme is particularly aimed at) will hopefully be able to complete the funding for their projects now, as the £1.4 billion will be available to projects over the next 3 years with a cost of between £20 million and £100 million.

*source Domain

photo credit: warby

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