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PaulS's picture

Wind power boosted

The government will today demonstrate its willingness to exert influence over Royal Bank of Scotland and Lloyds Banking Group by announcing £1bn of lending to wind farm developers whose schemes have been becalmed by a lack of cash.

Ed Miliband, the energy and climate change secretary, will argue that the £1bn of loans organised through the partly state-owned banks and the European Investment Bank (EIB) will kick-start 1 gigawatt of onshore wind schemes delayed by the credit crunch – enough to power 2 million homes.

"Earlier this month we laid out a transition plan to a low-carbon economy that included a massive expansion of green wind energy," Miliband will say. "The resources we are announcing back up our plans with clear actions to ensure we deliver. The money for the development of offshore wind manufacturing will help us generate green jobs on top of our success as the leading country in the world for the generation of offshore wind.

"Alongside these proposals, we are reforming planning laws, finding new ways of working with local communities and are determined to persuade people that we need a significant increase in onshore wind as part of the UK's future energy mix."

Vestas was considering investing in a new type of blade for the UK market but said the credit crunch, soft pound and endless delays in planning projects had made this uncommercial.

Full article here: http://www.guardian.co.uk/business/2009/jul/27/wind-power-miliband-loans

Well done Ed. Now see if you can help Vesta stay in the UK as well.