The Green Investment Bank (GIB) has revealed that it will dedicate £60 million to help finance community-scale renewable projects in the UK.
GIB hope that new funding pot will help 30 community projects deploy around 24MW of renewable energy, which is enough to power 17,400 homes.
GIB will contribute £50 million to the pot with Strathclyde Pension Fund contributing a further £10 million. Albion Community Power plc (ACP) will invest the capital on behalf of both of the funding partners. ACP claims to have a "substantial" project pipeline of community-scale renewable energy projects across the UK.
In addition to the £60 million fund, ACP is working on attracting a further £40 million in investment from additional investors. Projects taking advantage of the funding will be able to have access to between £1 and £10 million of support.
Commenting on the announcement, Business Secretary Vince Cable, said: "Renewable energy is the future, and we must continue to use all of the new and established technologies at our disposal to power our homes and businesses in a way that doesn’t damage the environment."
A hydro-electric scheme north of Loch Lomond will be the first project to benefit from the new funding. Cable continued: "Hydro power has a vital role to play in this. The first project to be funded from a new investment by the Green Investment Bank will use the natural flow of Scotland’s rivers to generate electricity. This project, based in Crianlarich will produce enough power for nearly 2,000 homes and provide high-skilled jobs for the rural communities in Scotland. The Green Investment Bank is at the heart of our industrial strategy, creating sustainable jobs and growth."
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This article has been adapted from article published by Next Energy News.