On-shore wind power received a boost on Tuesday as a consortium of banking institutions announced a £1.4bn funding injection

The money will be available in loans to projects with total project costs of between £20m and £100m. Up to £700m will come from the European Investment Bank over the next three years, with the rest from Lloyds, RBS and BNP Paribas Fortis.

Energy minister Ed Miliband said the banking partnership would help the UK reach a six-fold rise in renewables by 2020, which is required by government targets. He said: “We need to pull out the stops, including by making sure the capital is there.”

Also out this week was a national policy statement on wind, which will guide the Infrastructure Planning Commission’s wind farm decisions.

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