Some good news concerning finance, at last. The Bank of Scotland have changed their mind and are now willing to provide secured borrowing for the hydro scheme. This is excellent news, and pushes us closer to having all the finance lined up for the scheme.
Over the last few months it’s become clear that the high-street banks are missing a huge opportunity. Last year a report was published highlighting the potential for Scotland to generate renewable energy from its rivers. The Co-op Bank and Triodos Bank have been ahead of the game, and are merrily scooping up the majority of the community schemes that are being developed. They are offering loan finance, secured against the schemes themselves. The high-street banks are still asking for external security, and will not loan against forecast earnings of a scheme. Slowly they will catch up. Over the last few months, I’ve spoken to many banks; most of which realise the opportunity, but have out-dated policies on lending for renewables, that prevent them acting.
Luckily for us, the Trust’s bankers, Bank of Scotland are a little more enlightened!
Tags: community, haris, hebrides, hydro, hydro electric, Hydro-electric schemes, north harris