Wind turbines to generate up to 500 megawatts of electricity are to be installed on public sector land by a new venture backed by the government and HSBC, the bank.
Partnership for Renewables, a company set up by the government-backed Carbon Trust, has been promised up to £120m in funding from HSBC to invest in renewable energy on land owned by local authorities, government agencies and other public bodies.
It will focus initially on small wind power developments, generating about 5-10MW. Oxford city council and Reading University are already looking at providing sites.
Stephen Ainger, PFR’s chief executive, said the Renewables Obligation that subsidises wind power would ensure the developments were commercially viable, while generating income for the bodies that participated.
By Ed Crooks
20 March 2008
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