Hugh James energy team backs RBS and NatWest £50m renewable fund
25 I 05 I 11
Renewable energy legal experts,
from nationwide law firm Hugh James, are delighted to hear that
NatWest have bucked the trend to shy away from funding
renewable energy initiatives. The two banks announced yesterday
that they intend to create a £50m fund specifically for this
The cash will be primarily
available to agricultural businesses who are mainly looking to
install wind turbines and solar panels. However, funds may also be
available for hydro energy and other technologies to reduce their
impact on the environment and reduce their soaring energy costs.
The fund will also be made available to SMEs.
The Hugh James energy team welcomed
the announcement, by Ian Burrow, Head of Agriculture and Renewable
RBS, that the two banks have created a team of 200 nationwide
renewable energy experts. This new team will be able to help
customers deal with issues surrounding planning, completing
feasibility studies and making environmental impact assessments to
help speed the process up of application. All members of the new
team have been trained on the technical, legal and financial
considerations specific to renewable energy.
According to research undertaken by
the two banks, 33 per cent of agriculture businesses want to deploy
renewable energy to reduce farm running costs and carbon emissions.
RBS said the new fund would also contribute to the UK’s target
of 15 per cent of energy coming from renewables by 2020.
Ioan Prydderch, Head of Hugh James’
construction, energy & projects team said “We have been waiting
for a financial institution to step up to the mark with identifying
renewable energy as being of paramount importance. We applaud
RBS for their commitment to this sector and to their pledge to
help UK businesses switch to a more sustainable way of meeting
their energy needs”.