According to new reports, Barclays has just recently created a 100 million-pound fund to support renewable energy farm projects in the UK. For those that do not know, Barclays is actually the UK’s second-largest lender by assets. Thus, it is good to see the renewable energy industry get support from a company that is as big as Barclays.
Just recently, the UK started to reduce the incentives it pays to developers of large solar projects. This is because the UK is starting to focus more on smaller residential and commercial projects. Overall, the government would like to generate about 15 percent of the country’s energy from renewable sources by 2020.
The product and marketing director of Barclays, Travers Clarke-Walker, said that farmers are looking forward to many more years of lower energy costs. Not only that, but some may be able to look at the possibility of generating some additional income by selling their energy back to the grid.
According to experts, the average size of solar projects that are likely to receive any kind of financing through this fund will be 44 kilowatts. The same will apply to wind and hydroelectric projects as well. A spokesman for Barclays, Michael O’Toole, said that the bank expects the cost of wind and solar projects to fall by half in the next three to five years.