Development Banks substantially to increase clean energy financing

Clean energy investments and grants from international development banks and organisations reached $8.3bn in 2007, up from $6bn in 2006.

This amount looks set to rise substantially over the next two to three years, potentially doubling by 2009. However, this will not result in a crowding-out impact for private investment as the funds are typically deployed towards projects unable to attract commercial backing.

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HSBC to Invest GBP 100 Million in Renewables

The Carbon Trust and HSBC recently announced a landmark deal which will see HSBC Environmental Infrastructure Fund making a substantial investment in Partnerships for Renewables Limited (PfR), a venture created by Carbon Trust Enterprises to develop renewable energy projects on public sector land. HSBC Environmental Infrastructure Fund will commit up to GBP18 million to acquire 49% of PfR and provide development funding, as well as make a GBP30 million revolving construction capital facility available to fund an estimated GBP100 million of equity required to build out renewable energy projects. This will be HSBC Environmental Infrastructure Fund's first investment.

Partnerships for Renewables aims to develop a 500MW portfolio of renewables projects on public sector land across the UK during the next five years. This portfolio of projects would generate enough electricity to power the equivalent of some 230,000 homes. It is already talking to more than one hundred public sector organisations, including Oxford City Council and Reading University, with the primary aim of delivering 2-15 MW onshore wind projects.