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10 November 2009 - Three UK-based banks will start offering new loans worth up to GBP1.4bn ($2.34bn) to eligible onshore wind farms from Tuesday.
The scheme - supported by HM Treasury and Department of Energy and Climate Change - could enable onshore wind projects to move to construction over the next three years.
The European Investment Bank (EIB) will provide up to £700mn of the new finance, with the remainder matched by RBS, Lloyds Banking Group and BNP Paribas Fortis.
The loans will be available to eligible onshore wind projects with a total project cost of between GBP20m and GBP100m.
Wind farm developers and the banks will have an opportunity to start brokering the deals at a forum in the city hosted by Ed Miliband and Chancellor Alistair Darling.
Energy and Climate Change Secretary Ed Miliband said: "We need a six-fold increase in renewables by 2020 to hit our renewables target. That target is vital if we are to be on course to cutting emissions by 80 per cent by 2050.
"So we need to pull out the stops including making sure the capital is there to build the wind farms in the first place. This partnership of the EIB with RBS, BNP Paribas Fortis and Lloyds Banking group will address that problem."
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