HSBC bank pledges millions for renewable energy projects
Renewable energy in the United Kingdom is getting a £100 million (almost $200 million) boost from banking giant HSBC.
The HSBC Environmental Infrastructure Fund has pledged up to £18 million for a 49 percent stake in Partnerships for Renewables, according to news reports. Partnerships for Renewables is a group set up by Carbon Trust that works only on getting renewable energy projects onto public sector land in the UK.
HSBC will also provide a £30 million revolving pot of construction capital, providing about £100 million in equity for projects, according to the Guardian.
Partnerships for Renewables has a goal of setting up enough projects to generate 500 megawatts over the next five to eight years. Typical projects, all paid for by the group, would be onsite wind turbines generating two-15 megawatts, the Guardian reported. About 100 public sector organizations has expressed interest in the group so far.
Public sector land covers about 10 percent of the UK and public sector groups own tens of thousands of buildings, according to Partnerships for Renewables.
"There is enormous untapped potential for generating renewable energy on public sector land," Environment Secretary Hilary Benn was quoted as saying. "As we explore every opportunity to generate renewable energy, making the most of the potential for public sector renewables is more important than ever."
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