Barclays has launched a £100 million fund for farmers investing in renewable energy. The British bank is opening the fund to solar, wind, and hydro projects in the UK.
The bank research among 300 UK farmers found that nearly a third plan to invest in renewables, many within a year, to combat low commodity prices and increasing costs. The National Farmers Union and the Country, Land & Business Association have helped shape the fund, which will also take feed in tariffs into account when assessing each loan.
Travers Clarke-Walker, Product and Marketing Director for Barclays Business said: “Renewable energy production offers farmers a further opportunity to develop their businesses and add to their traditionally vital roles of producing food and managing the countryside.”
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