The Co-operative Bank has provided £500m in
project and asset finance to renewable energy projects in the UK in
the last four years.
As it released the figures, which go back to
2007, the banking division of the Co-operative Group set a target
to double the funding to £1bn by 2013. The target is part of the
wider group’s corporate responsibility strategy called Ethical
Plan.
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The Co-operative Bank, which prides itself on
its ethical lending policies, has funded 108 renewable
energy projects over the period with a capital value of £1m to
£25m. Projects are typically taken on by smaller developers,
community groups and landowners as a means to diversify income,
according to a statement from the bank released with the
figures.
The projects funded include onshore wind, hydro, biomass and
combined heat and power systems and the bank has a renewable energy
team to deal with planning permission and grid connection on behalf
of clients.
Richard Wilcox, head of social banking at The
Co-operative, said: “At a time when many communities are fighting
for survival from the wider economic challenges, small to medium
renewable energy schemes provide an opportunity for communities to
become sustainable, creating local jobs and diversifying local
economies.”
Renewable energy projects in the UK currently
receive around around £1.4 bn a year in government support through
the “Renewables Obligation” scheme. However, a review of the scheme
has been delayed, which could stall renewable energy investment,
Wilcox said.
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By GlobalData“We welcome the Government’s commitment to
renewable energy investment which has helped to provide an enabling
arena for our rapid growth in renewable investments,” he said.
“However, there is a real danger that
this could grind to a halt if the review of ROCs and pending review
of FITs are not completed quickly and with a view to nurturing our
fledgling environmental industries.”
grant.collinson@vrlfinancialnews.com
