The Co-operative Bank has seen its lending for renewable energy projects in the UK reach £500m, and today it announced plans to double its commitment to the sector.
The Manchester-based bank's renewable team has backed 108 new renewable energy projects over the past four years, but it aims to hit its next major milestone in half that time, reaching £1bn of lending by 2013.
The bank specialises in projects with a capital value of up to £25m which are typically taken on by smaller developers, community groups and landowners looking to diversify their income.
Recent investments have included £13m for the UK's largest community wind farm on the Scottish island of Lewis, which will generate £40m profit for the community over 25 years through electricity sold to the national grid.
Profits will help keep open a hospice threatened by closure, as well as helping tackle other social and economic issues.
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