Onshore wind energy investment

News

The European Investment Bank (EIB) is working alongside RBS, Lloyds and BNP Paribas Fortis to lend up to £1bn to British onshore wind energy projects over the next three years.

The investment is part of the £4bn EIB loan that has been earmarked for renewable energy investment as part of Alistair Darling’s ‘low carbon’ budget.

The cash will be made available through the Department of Energy and Climate Change (DECC) and is expected to help building work start for small and mid-sized onshore wind projects which have been hit by the credit crunch.

Companies will also be able to apply for DECC cash to develop offshore wind technology. There will be up to £10m made available as part of the £120m announced in the renewable energy strategy last week to support offshore wind.

In addition, DECC has announced that subject to suitable grant offers, it will make an award of more than £6m to fund part of Vestas Technology’s research and development centre on the Isle of Wight. The investment includes over £3m of funding from the South East England Development Agency (SEEDA).

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