The Department for Energy and Climate Change and HM Treasury have teamed RBS, Lloyds and BNP Paribas Fortis with the European Investment Bank (EIB) to work on a programme of lending of £1 billion to UN onshore wind farms over the next three years.
The new lending will be part of the additional £4 billion lending support for UK energy projects from the EIB announced in the last budget. It is anticipated that the funding will help a number of recession-hit onshore projects to get underway or to complete. The news will be particularly welcome to small and medium sized wind farm projects.
This news comes as a further boost following last week's announcement of a £120 million second round of funding under a renewable energy strategy for offshore wind developments, under which firms can apply for up to £10 million in grants.