Friday 31 January 2020

RBS to boost sustainable energy lending with £1.1bn deal

Royal Bank of Scotland (RBS) has announced it will increase lending to the sustainable and renewable energy sectors following a £1.1 billion deal struck with Macquarie Infrastructure Debt Investment Solutions (MIDIS).

It is said to be the first of its kind in the UK, allowing the bank to recycle capital and boost its support for green projects.

Projects that will receive financial support include onshore and offshore wind, solar farms, smart meters, energy from waste and biomass power.

The bank has committed to provide £10 billion of funding and financing for sustainable energy projects by the end of 2020.

Bruce Riley, Managing Director Project Finance at NatWest, part of RBS said: “This transaction enables a significant release of the capital, which we will recycle to increase further our lending to the sustainable energy sector and support the growth in renewable generation that is essential for the UK to meet its targets on reducing carbon emissions and climate change goals.

“A particular focus for 2020 will be a number of large offshore wind generation assets being developed by some of our key customers but we also see opportunities in onshore projects across wind, hydro and solar, as well as UK waste.”