On-site renewables in the UK are soon to be supported by a new investment fund.
The fund will support medium-sized UK onshore wind power projects, solar farms and energy efficiency projects. It will be bankrolled by Ingenious Clean Energy, the renewables arm of media investment group Ingenious, which hopes to raise £160-200 million (around US$260-330 million) in an IPO in late March.
Ingenious says it plans to invest £47 million in onshore wind and £25 million in energy efficiency projects in the public sector.
A wind farm in Aberdeenshire, powered by a 2.3 MW turbine from Enercon, has already been funded by Ingenious Clean Energy. Under the new fund, renewable energy developer AG Renewables plans to install 20 single turbines of either 330 kW or 500 kW by the end of 2014, according to reports.
Ingenious has also begun to invest in energy efficiency retrofitting schemes undertaken by housing associations across the UK.