Press Release: Up to £1.4 billion in new loans for onshore wind farms

Three UK-based banks started offering new loans to eligible onshore wind farms on 10 November 2009. 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. The scheme - supported by HM Treasury and Department of Energy and Climate Change - could enable around £1.4bn of onshore wind projects to move to construction over the next 3 years. The European Investment Bank (EIB) will provide up to £700 million 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 £20m and £100m.