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New loans totalling £1.4bn on offer to build onshore wind farms

About £1.4 billion could be pumped into the construction of new onshore wind projects over the next three years after a group of banks announced they would be offering new loans to eligible developers.

The scheme – which is supported by HM Treasury and Department of Energy and Climate Change – will see the European Investment Bank provide up to £700 million of the new finance, with the remainder matched by RBS, Lloyds Banking Group and BNP Paribas Fortis.

Mr Darling said: “We welcome the EIB’s commitment to provide this vital funding for renewable projects across the UK. The money that is being made available will help continue the essential work of building the UK’s capacity in renewable energy.”

The Treasury said the loads would be available to eligible projects valued between £20 million and £100 million.

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