The Green Investment Bank (GIB) will provide £50 million and the Strathclyde Pension Fund will grant a further £10 million.
The investments will be made through community renewables developer Albion Community Power (ACP). ACP is looking to attract a further £40 million from co-investors.
Equity funding of between £1 million and £10 million will be available for a range of renewable projects. Onshore wind projects on brownfield sites – areas previously used for industry – will be eligible.
GIB chair, Lord Smith of Kelvin, said: "In future we will see less reliance on a small number of large power stations and more focus on a network of smaller, locally generated, renewable sources of power."
The bank was set up and is backed by the UK government. It is tasked with boosting private investment into the UK renewable energy sector by providing financial security.