‘Community benefits’ of renewables

Renewable energy schemes such as wind farms and hydropower can help communities become sustainable and create jobs, the Co-operative Bank said.
By The Newsroom
Published 24th Oct 2011, 10:15 BST

The bank said it had reached the milestone of lending more than half a billion pounds to renewable energy projects since 2007, and aims to have lent £1bn by 2013.

It has funded 108 new renewable energy projects in this time, specialising in projects with a capital value of up to £25m which are usually taken on by smaller developers, community groups and landowners.

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They include onshore wind, hydroelectric, biomass and combined heat and power systems.

Richard Wilcox, head of social banking at the Co-operative Bank, said: “At a time when many communities are fighting for survival from the wider economic challenges, small to medium renewable energy schemes provide them an opportunity for communities to become sustainable, creating local jobs and diversifying local economies.”

He warned rapid growth in renewable energy investments could “grind to a halt” if current reviews of the subsidies systems for the technologies were not completed quickly.