Co-op lends £500bn to renewable projects

The Co-operative Bank has lent more than half a billion pounds to renewable energy projects. Since 2007, the banking arm of the supermarket chain has funded 108 new renewable energy […]

By Vicky Ellis

The Co-operative Bank has lent more than half a billion pounds to renewable energy projects. Since 2007, the banking arm of the supermarket chain has funded 108 new renewable energy projects with more than £500billion.

The Bank specialises in projects with a capital value of up to £25m which are usually taken on by smaller developers, community groups and landowners.

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.”

But Mr Wilcox warned that policy delays could damage fledgling sector’s growth: “There is a real danger that this could grind to a halt if the review of ROCs (Renewables Obligation Certificate) and pending review of FiTs (Feed-in Tariffs) are not completed quickly and with a view to nurturing our fledgling environmental industries.”