GIB to fund community-scale renewables

• 10 years ago (2014-11-07)
• Junior Isles

Europe 1089 Renewables 776

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The UK Green Investment Bank (GIB), leading global investment firm KKR, and specialist investment manager Temporis Capital LLP have announced a new £200 million lending programme for community-scale renewable energy projects in the UK.

This is the first time that GIB has supported the community-scale renewables sector and the first investment of KKR in the UK renewable energy sector.

GIB and KKR will each be providing up to £100 million to the lending programme, which will be managed by Temporis Capital.

GIB gained approval from the European Commission in May 2014 to expand its investment mandate to include community-scale renewables, mainly small-scale hydropower and onshore wind projects, in response to a funding gap in the market.

Temporis expects the first project to benefit from the new lending facility will be in Scotland and for the loan agreement to be signed shortly.

Shaun Kingsbury, Chief Executive, UK Green Investment Bank explained:

“Many well-structured community-scale projects have not been able to get off the ground because of a lack of long-term finance in the market. These small-scale projects can make a meaningful contribution to the UK’s green economy and I am pleased that we, along with our partners KKR and Temporis Capital, will be able to provide this funding to projects which might otherwise have been locked out of the market.

“I’m particularly pleased to see new lenders, like KKR, coming to invest in the UK renewable energy market.”