RBS was the biggest lender to renewables projects in the UK last year, lending more than double any other bank, according to the bank’s latest Sustainability report out yesterday.
RBS loaned more than £228m to UK renewable projects last year, according to figures from Infrastructure Journal.
Across the sector, lending increased by nearly 200% on the previous year, which RBS says is driven by a rise in biomass projects.
This is largely to do with government policy in favour of biomass last Autumn, says a spokesman, who told ELN the changes in the Renewables Obligation gave a “strong incentive for greater subsidies [which] gave greater certainty.”
Now, many biomass projects which are already lined up could get the go ahead, he said, with the bank expecting a “big increase” in that area.
Jamieson Thrower, Senior Director in RBS’s structured finance division added: “With EU members committed to sourcing 20% of their energy from renewables by 2020, the sector is likely to remain busy over the next few years.”