Community-scale renewable energy projects are set to benefit from a funding boost from the Green Investment Bank (GIB), with up to £100 million on offer to clean energy projects.
The GIB has committed to providing up to £50 million of new investment to support community-scale renewable energy projects, through Albion CommunityPower (ACP). Strathclyde Pension Fund will also invest a further £10 million, whilst ACP is working to attract an additional £40 million from co-investors to take the total sum to £100 million.
The new finance will be used to fund up to 30 projects generating enough renewable energy to power 17,500 homes. The fund will be the largest single source of equity funding available for UK community-scale renewable energy projects.
The finance will provide equity funding of between £1 million and £10 million for a broad range of projects, including hydro-power, onshore wind on brownfield sites and biogas projects.
Business secretary Vince Cable commented, “Renewable energy is the future, and we must continue to use all of the new and established technologies at our disposal to power our homes and businesses in a way that doesn’t damage the environment.”
He added, “The Green Investment Bank is at the heart of our industrial strategy, creating sustainable jobs and growth.”
The first project to be announced from this new investment is a 2 megawatt run-of-river hydropower project, which uses natural river flow to generate energy, on the River Allt Coire Chaorach. The £8.5 million project will to be developed by Green Highland Renewables and will generate enough power to meet the needs of 1,900 homes.
According to the organisation, across the UK capacity exists for an additional 800 megawatt of new hydro-power projects, the equivalent of powering 500,000 homes, with around 80% of this capacity being in Scotland.
Richard Round, chief executive officer of Green Highland Renewables, noted that the involvement of the GIB underlines the potential for well-constructed hydro projects to “deliver stable returns to investors”.
Photo: lamoix via Flickr
Like our Facebook Page
How to Find an Eco-Friendly Termite Control Service Provider in Malaysia
Eco-Friendly Vegans Win Most Battles Not the War
3 Iconic Chicago Billboards Eco-Friendly Advertisers Can Learn from
EnviroSolar’s Abe Issa Discusses Success in Green Entrepreneurship
How Sports Could Be Impacted by Climate Change
What Eco-Friendly Patients Should Know about Online Therapy
6 Reasons Why Meal Delivery Services are Eco-Friendly
The Path for Retail’s Sustainable Future
4 Eco-Friendly Ways to Treat a Sinus Infection
4 Strategies for Eco-Friendly Real Estate Investors to Find Properties
How Managed Print Services Helps to Reduce Paper Waste
Why Scientists Are Concerned About ‘Forever Chemicals’ In Drinking Water
Meat Farming Is Only Getting Smarter, Easier & Eco-Friendlier
What is Eco-Friendly Homesteading and How Does it Affect Your Insurance?
Importance of Using a Water Purifier in an Area with High Pollution
Alternative Financing Ideas for Green Businesses that Shun Banks
Tencel Material Demand Shows Britain Is More Eco-Friendlier Than Ireland
How To Invest in Clean Energy Stocks in Only Five Easy Steps!
How To Secure Funding As An Eco-Entrepreneur?
4 Amazing Eco-Friendly Businesses Worth Starting in 2021
- Features8 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Energy9 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features8 months ago
Essential Guidelines for Eco-friendly Moving into new Home
- Invest10 months ago
The Eco-Friendly Evolution of Bitcoin Over the Years