Oxford city to back renewables with GBP-2.3m financing plan - report
Jun 10, 2014 - The UK municipality of Oxford will invest GBP 2.3 million (USD 3.9m/EUR 2.8m) to finance the development of renewable energy projects in Oxfordshire, the Herald said Monday.
The Oxford City Council will lend the funds, coming from its capital programme, to community-based social enterprise Low Carbon Hub, which in turn will finance the installation of solar power facilities. According to initial estimates, the scheme will support the construction of photovoltaic (PV) systems at 25 schools and two businesses in the county.
The council expects to get a GBP-34,000 interest through the deal, according to the report. After returning its investment, the Oxford Council will allocate the money for some of its capital projects, said the city council’s deputy leader Ed Turner, as quoted by the newspaper.
The Oxford City Council will make a final decision on the financing scheme on June 11.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.