24 Jan '13, 5pm

Scotland Bank May Lend $631 Million to Clean Power, Focusing on Biomass

Scotland Bank May Lend $631 Million to Clean Power, Focusing on Biomass

The bank is working on about five deals to support plants that will use organic matter such as wood chips to generate electricity, said Andrew Buglass, head of energy in RBS’s structured finance division. The facilities, to be built from scratch, will each have a capacity of 50 to 150 megawatts, he said. Projects of that size may cost as much as 300 million pounds and RBS expects other banks to invest as well. Britain’s biomass industry has gained momentum following clarification of government support levels in July. The Department of Energy and Climate Change estimates bioenergy plants using wood chips and organic waste to produce heat and power may meet 8 percent to 11 percent of the nation’s primary energy demand in eight years. The bulk of the bank’s lending last year was on wind and solar power, Buglass said in an interview in London, as it laid the groundwork for the...

Full article: http://www.renewableenergyworld.com/rea/news/article/2013...

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