Co-Operative Bank to back UK renewables with $481m this year

The UK’s Co-Operative Bank expects to finance renewable energy projects to the tune of about £300m ($481m) this year – matching the level of lending in 2011.

The Co-Operative may boost lending to accommodate strong demand from wind developers racing to complete projects before changes to UK Renewable Obligation Certificate (ROC) bandings next April, says James Sutcliffe, senior manager for renewable energy.

Sutcliffe told Bloomberg the bank is “absolutely bombarded with projects” and could extend by £250m its lending target to the end of 2013.

The Co-Operative has financed nine wind projects so far in 2012 and may lend to 20 more, says Sutcliffe. It made 33 wind-power agreements last year.

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