Renewable investment in UK ‘difficult due to policy changes’

Investing in renewable projects in the UK is very difficult due to policy changes. That’s according to Nigel Wilson CEO of insurance firm Legal & General Group who told reporters recent […]

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By Jacqueline Echevarria

Investing in renewable projects in the UK is very difficult due to policy changes.

That’s according to Nigel Wilson CEO of insurance firm Legal & General Group who told reporters recent changes in government policy have created “too much uncertainty” for investors.

According to the company, it has a target of spending £15 billion on UK infrastructure including housing, transport and clean energy.

It plans to fund up to £200 million in onshore wind projects to build up to 270MW of capacity – enough to power 170,000 homes.

However, the fund is still in development because of uncertainties around UK energy policy, Mr Wilson said.

Some of the changes the government has made in energy policy include the removal of subsidies for onshore wind projects, the reduction of financial support for solar and the elimination of the £1 billion CCS competition.

Mr Wilson added: “We have invested in onshore wind and solar and we are looking at further investments. But in the last 15 years, Britain has had too many energy ministers and too many changes in policy so we are not as successful in energy as we have been in pensions.”