Scotland to provide loans of GBP 3.9m to local green energy projects
Oct 5, 2011 - Scotland's energy minister Fergus Ewing today said the government would provide GBP 3.9 million (USD 6m/EUR 4.5m) in loans to back 42 locally owned renewable energy projects with a combined capacity of 56 MW.
The loans are part of the Community and Renewable Energy Scheme (CARES). They will help with the pre-planning expenses for 32 wind power projects, nine hydroelectric schemes and an anaerobic digestion facility. The loans will be repaid in full when the financing for the capital construction stage is finalised.
CARES will significantly help the Scottish government reach its goal of 500 MW of installed community and locally owned renewable energy capacity by 2020. Organisations that can apply for loans under the scheme in the future include non-profit distributing community groups, constituted local community groups, farmers, land managers, rural small and medium enterprises and profit-distributing cooperatives.