The Cooperative Bank has reinforced its commitment to double lending to the renewables sector to £1bn by 2013. This is part of its Ethical Plan, developed by the Bank's parent, The Co-operative Group.
In the past four years, the Bank's renewables team has funded 108 new renewable energy projects.
The Bank specialises in renewable energy projects with a capital value of up to £25m which are typically taken on by smaller developers, community groups and landowners as a means to diversify income.
Richard Wilcox, Head of Social Banking at The Co-operative Bank, said:
"Prior to the financial crisis, we made a commitment to support the renewable energy sector. Despite all the economic turmoil and retrenchment by many lenders, our historically prudent approach meant we were able to maintain this support. At a time when many communities are fighting for survival from the wider economic challenges, small to medium renewable energy schemes provide them an opportunity for communities to become sustainable, creating local jobs and diversifying local economies. We welcome the Government's commitment to renewable energy investment which has helped to provide an enabling arena for our rapid growth in renewable investments. However, there is a real danger that this could grind to a halt if the review of ROCs and pending review of FITs are not completed quickly and with a view to nurturing our fledgling environmental industries."
For the full press release see here. Or for more information about Coop lending visit www.co-operativebankinggroup.co.uk