The UK’s Co-operative Bank revealed today that it has loaned more then £500 million ($797 million) to renewable energy projects and expects this figure to double within two years.

The bank’s renewables fund was established in 2007 and it has set a target of financing £1 billion-worth of initiatives by 2013.

So far it has offered backing to 108 schemes, including onshore wind, hydroelectric, biomass and combined heat and power, all individually costing under £25 million.

Richard Wilcox, the bank’s head of social banking, said: “Prior to the financial crisis, we made a commitment to support the renewable energy sector. At a time when many communities are fighting for survival from the wider economic challenges, small to medium renewable energy schemes provide them an opportunity for communities to become sustainable, creating local jobs and diversifying local economies.”