Tuesday 25 January 2011

Lloyds eyes Australian renewables investments

Lloyds Banking Group has revealed it is poised to invest in renewable energy projects in Australia.

The bank said this week that it may offer loans to wind and solar-powered projects.

The Australian government has set aside a fund equivalent to £942m for renewable projects, and Lloyd's plans to target this money. Other companies eyeing a slice of the funding are BP, AGL Energy and Suntech Power.

Ed Wilson, head of renewable energy for Lloyds, told Bloomberg: "We're looking to have a more international flavour. Australia appears to be committed to renewable energy and attracting investment into the industry."