Bloomberg News

Co-Operative Bank to Boost Clean Energy Lending by 85% in 2012

September 26, 2012

The Co-Operative Bank wants to increase renewable-energy lending by 85 percent this year.

The bank expects to lend 464 million pounds ($751 million) to clean energy projects this year, up from 251.4 million pounds in 2011, Jenna Moss, a spokeswoman, said by phone today.

In the first half of the year, the bank financed 17 energy projects with 232 million pounds, three times more than it lent in the same period of 2011, according to an e-mailed statement.

“Nowadays, it is not only companies who are investing in renewable energy projects,” James Sutcliffe, the bank’s renewable energy manager, said in the statement. “We have seen the U.K. public begin to embrace renewable energy as a viable alternative to traditional energy sources.”

The U.K. government is overhauling its electricity market to attract more investment in low-carbon energy sources in a bid to meet a goal of getting 15 percent of its energy from renewables by 2020. It already offers feed-in tariffs for smaller scale projects and operates the so-called Renewables Obligation system to reward clean energy generators for power produced.

To contact the reporter on this story: Roxana Zega in London at rzega@bloomberg.net

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