The new venture, named Partnership for Renewables (PfR), will team up with private sector organizations to develop onsite renewable energy projects with local authorities, hospitals, and other public sector bodies.
It is hoped that, though the program, which will be run by the Carbon Trust, 500MW of renewable energy projects, primarily 3MW to 5MW wind turbine projects, will be constructed or under development within the next five years.
The Carbon Trust has shown how plans for renewable installations, mainly wind power, on the land of local authorities and hospitals can be held back because public and private investment are not working together, commented Mr Miliband. Our investment of GBP10 million has the potential to unlock up to half a billion pounds in private investment, produce 500MW of renewable electricity for public sector organizations to use themselves or to deliver to homes and businesses around the country.
The Carbon Trust’s ambitious plans would increase existing wind generation capacity by 25%, and, the government hopes, act as a catalyst for the private sector to invest in their own on-site renewable projects.
