Renewable Energy, UK

Renewable Energy, UK

Wind is currently the most viable renewable energy source in the UK. Paul's Hill is one of two wind farms financed by HSBC in Scotland. Together the wind farms provide enough electricity to power 115,000 homes a year.

Paul's Hill wind farm was financed by HSBC and is an example of the projects it supports under its carbon finance strategy. The strategy will help support clients who are developing low carbon technologies, such as solar panels and wind turbines.

To tackle the impacts of climate change, a fundamental shift in the global economy toward one with less carbon emissions is needed. As leading financial institution, HSBC can play an important role in the transition towards low carbon economy.

Partnerships for Renewables (PfR) aims to develop a (500 megawatt) portfolio of renewables projects using public sector land across the UK. Over five years, PfR hopes to generate enough electricity to power the equivalent of some 230,000 homes.

The HSBC Environmental Infrastructure Fund acquired 49% of PfR, in a commitment of US$49 million, and will provide development funding to build renewable energy projects.