UK Co-operative Bank reports jump in renewables lending

Sep 26, 2012 - The Co-operative Banking Group, a unit of Britain's The Co-operative Group, today said its lending to the renewable energy sector had almost tripled in the past year.

In the first six months of 2012, the bank provided these GBP 232 million (USD 375m/EUR 292m) to 17 completed renewable energy projects, compared to GBP 79 million a year earlier. It said it was on track to lend a similar amount in the second half of 2012.

The bank said it had seen higher demand for alternative energy investment from developers and community groups. "Undoubtedly, demand for renewable projects – especially wind energy schemes – is at an all time high," said James Sutcliffe, renewable energy manager at the company.

The bank is focused on lending to renewable energy projects worth up to GBP 25 million which are usually undertaken by smaller developers, community organisations and landowners.

(GBP 1.0 = USD 1.619/EUR 1.258)

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