Lloyds TSB Agriculture and Bank of Scotland are enhancing their support for farmers seeking funding for renewable energy projects by training its dedicated agricultural business managers and widening the scope of their lending assessments for renewable energy projects.
Lloyds TSB Agriculture and Bank of Scotland are enhancing their support for farmers seeking funding for renewable energy projects.
Over 40 of Lloyds TSB Agriculture and Bank of Scotland’s dedicated agricultural managers are now trained to give appropriate guidance to those customers seeking funding for renewable energy projects. They will also be responsible for the review and submission of relevant funding applications.
The main focus will be on financing farm-scale wind turbines up to 1 MW combined output on site and solar photovoltaic schemes with a maximum power generating capacity of 50kWh, although projects beyond this scope or alternative sources of renewable energy will also be considered. When assessing the serviceability of any funding up to 75% of net Feed-In-Tariff income plus existing trading income could be considered, along with costs saved through the farms own use of the generated power.
“We have taken time to assess all the issues in what is an evolving sector,” says Alick Jones, Agriculture Policy Director for Lloyds TSB and Bank of Scotland. “We are committed to taking a responsible lending approach in relation to farm-scale wind and solar photovoltaic energy projects.
“We have already helped a number of our customers to finance their renewable energy projects, and now that we are able to take Feed-in-Tariff income into account our ability to fund solar and wind power projects is greater than ever. Most importantly we are confident that we can give our customers the right guidance and support to fully assess the opportunity, viability and risks involved when undertaking farm scale solar and wind energy projects.”
Farmers seeking funding for their renewable energy schemes should contact their Lloyds TSB Agriculture or Bank of Scotland agricultural manager in the first instance.
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