Lloyds Banking Group is set to put £333 million (€423 million) into renewable projects as part of an overall £1 billion investment in the UK government’s new Infrastructure Plan.
Lloyds has said it has identified up to 12 renewable energy projects, plus nine social and economic infrastructure projects and three conventional power plants, to invest in.
Lloyds MD and global head of project finance Chris Heathcote was quoted as saying: ‘The areas that seem to be doing the most at the moment are offshore wind, including the off-take connections, and biomass is looking interesting, but I'm slightly cautious as it's still early days for biomass.’
Heathcote also believes the £1 billion investment will help support the UK economy in the short-term: ‘By providing this additional finance now, during the current economic cycle, vital projects can secure the financing required to progress so that the UK's infrastructure is ready for when growth returns,’
The Infrastructure Plan is part of the newly-formed UK Guarantees scheme launched by Chancellor of the Exchequer George Osborne to help those projects worse hit by the economic slump. The majority of the £40 billion beneficiaries will be in the energy or transport sectors.