Fresh funding secured for public sector wind turbines

Wind turbines could become an increasingly common feature at council offices, hospitals and universities, after a company dedicated to installing renewable energy technologies on public sector land today secured over £100m in funding from HSBC.

HSBC Environmental Infrastructure Fund has shelled out up to £18m for a 49 per cent stake in Partnerships for Renewables Ltd (PfR) – which was set up by the Carbon Trust in 2006 with £10m in funding – and has committed to make available a £30m revolving construction capital facility that will provide the firm with an estimated £100m of equity.

Stephen Ainger, chief executive of PfR, said the additional funding would enable the company to meet its target of delivering 500MW of renewable energy capacity on public sector land over the next five to eight years. "This gives us the ability to respond quickly to expressions of interest from public sector bodies and gives everyone confidence that there is finance there for the long haul," he said.

The company is already working on projects with Oxford City Council and Reading University and is in talks with Southampton Council. Ainger said the typical project would see PfR installs on site wind turbines capable of generating between two and 15MW with the company covering the entire investment. "Projects are delivered at the cost of PfR so they do not distract from frontline services," he explained. "We then operate the technology and sell the energy and ROCs."

Public sector land such as that owned by universities, hospitals and council facilities is particularly well suited to small to medium-scale renewables projects, according to Ainger, as it is close to large users of electricity, is often a reasonable distance from residential areas, and commonly has significant areas of brownfield space available.