Co-op Bank set to invest £200m in sustainable cheap energy projects - 02/06/2010
The Co-operative Bank has pledged to lend an additional £200 million to the sustainable cheap energy sector this year.
The investment follows a £400 million renewable energy fund the bank set up in 2007 and forms part of its commitment to promoting a low carbon economy.
An official statement released by the Co-op said the investment would benefit small developers looking to take advantage of the government's new feed-in tariffs, and be especially suitable for small to medium renewable projects of up to £25 million.
In addition to the investment, the Co-op said it is also committed to expanding its UK specialist renewable team in Manchester and creating teams based at its Scottish corporate banking centres in Edinburgh and Glasgow.
Charlie Hodges, wind energy specialist at Bloomberg New Energy Finance, said a £200 million investment would pay for between 100 and 150MW of installed onshore wind energy, which is the equivalent to around ten per cent of the onshore wind capacity installed in 2009.
If you want to find out more about your energy options and how you could save up to £378 in minutes, click here.
Save up to £300 on your gas & electricity bills at energyhelpline.com
Compare prices from all energy suppliers to find your best deal