Barclays £100 million cash injection for farm renewable energy
Barclays Bank is the latest corporation to throw its weight behind renewable energy by pledging £100 million to farmers across the UK looking to expand in more economically friendly equipment and resources. The cash injection should also give farmers involved a reasonable return, expected to average at around £25,000 a year. It’s also believed that the investment will pay for itself within ten years, giving farmers the chance to have further years of low energy costs.
The fund, developed with the English NFU, will aid new solar, hydro and wind projects across the UK.
Travers Clarke-Walker, Product and Marketing Director for Barclays Business, said,
“For farmers investing makes sense – it is good for the environment, but for the majority it is about good business. Barclays has already supported many farmers as they seek new ways of making money. Renewable energy production offers farmers a further opportunity to develop their business and add to their traditionally vital roles of producing food and and managing the countryside.”
Meurig Raymond – NFU deputy president – added,
“Given the significant up-front costs of renewable technologies, commercial lending is essential to unlocking these opportunities, so it’s great to see Barclays committing to make additional funding available to the sector.”
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