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20 March 2008 - Wind turbines to generate up to 500 MW of electricity are to be installed on UK public sector land by a new venture backed by the government and the HSBC bank.
Partnership for Renewables, a company set up by the UK government-backed Carbon Trust, has been promised up to £120m ($240m) in funding from HSBC to invest in renewable energy on land owned by local authorities, government agencies and other public bodies.
It will focus initially on small wind power developments, generating about 5-10 MW. Oxford city council and Reading University are already looking at providing sites.
Stephen Ainger, PFR's chief executive, said the Renewables Obligation that subsidises wind power would ensure the developments were commercially viable, while generating income for the bodies that participated.
HSBC has also put up a £30m "revolving" pot of cash that will provide the construction capital to start projects up and then "recycle" the money as the projects come on stream, providing the firm with roughly £100m of equity.
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