The Royal Bank of Scotland and NatWest have launched a £50m fund dedicated to financing farm-based renewable energy projects.
The money will initially be targeted at those looking to install wind turbines and solar panels and follows research by the banks that found 33% of agricultural businesses wanted to deploy renewable energy on their farm, and over half needed bank funding to do so.
A 200-strong renewable energy team has also been set up to provide technical, legal and financial advice to customers considering renewable energy.
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Paul,
A clear indication where the banks believe there is potential for them to make money - where Government incentives start, the next investors move in. Given the current economic conditions in banking (and the cost of running a 200-strong team) their funds and services are likely to be expensive though. Do you see the banks moving into the biomass arena, particularly woodfuel, when the RHI finally kicks in?