United Kingdom

United Kingdom

UK wind finance doubles in 1H 2012

UK: Project finance for UK wind projects reached $1.4 billion in 1H 2012, almost double the level of the same time last year.

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This was due to a combination of the finalisation of a $656 million project debt finance package put together for Centrica’s 270MW Lincs offshore wind project in June and a burst in finance activity in onshore wind.

Around $749 million was allocated to UK onshore wind farms in 1H 2012, a 65% increase on the $445 million recorded in the previous six-month period.

Onshore wind accounted for 30% of all financing for renewables in the first half of the year, with biomass receiving 35%.

Lloyds Banking Group was the most active project finance bank for renewables projects in 1H 2012, allocating around $239 million on three projects, including the Lincs offshore wind farm and the 17.1MW Roos onshore wind farm in Yorkshire.

The analysis, by Clean Energy Pipeline VB, suggests that the mix of sub-sectors securing project finance in the UK will change significantly in the next two years. Around 716MW of offshore wind capacity gained permitting approval in 1H 2012.

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