Barclays Bank has created a £100 million fund designed to help farmers meet the costs of renewable energy initiatives via wind farms, solar panels, organic waste power and hydro plants.
Research undertaken by the bank has revealed that agricultural businesses are now keen to benefit from government support tariffs. More than a third of farmers would like to install renewable energy projects on their land during the coming year. The Barclays survey of 300 agricultural customers indicated that four out of five farmers recognise how renewable energy can save costs and 60% see it as a source of additional income. The funding provider expects around 80-90% of projects will be solar and wind farms as they are cheapest to build and their costs are forecast to drop by up to 50% in the next three to five years as demand rises and technology improves.
Eligible Activities
The loan can be used to meet the costs of renewable energy initiatives such as wind farms, solar panels, organic waste power and hydro plants.
Who Can Apply
Farmers in the UK may apply, there is no end date for applying to the fund.
For further information about this new Renewable Energy Fund, please call or visit your local branch of Barclays Bank and ask to speak to a Relationship Manager.