Finance continues to play a key role in the transition to a low carbon economy. We are working to support our customers’ ambitions to mitigate their emissions, save energy and reduce costs. We have over 25 years’ experience in supporting our customers in this sector – providing bespoke solutions to mitigate their emissions, funding their renewable energy generation, and financing innovative projects to spread new and more efficient energy technologies.
In 2017, we helped our customers, both small and large, transition towards a low carbon economy by lending over £1.2 billion to the UK Sustainable Energy sector,* raising finance through green bonds, as well as providing green and sustainable loans. We have also been externally recognised as a leading lender to the UK renewables sector by number of transactions over the past 6 years (2012-2017).**
During 2017, key highlights included:
- NatWest supported Ventient Energy Ltd on the refinancing of the UK’s third largest onshore wind portfolio, which comprises of 35 fully operational assets with a total capacity of 711MW and represents 6.6% of UK onshore wind capacity.
- NatWest Markets helped SSE issues its inaugural Green Bond where proceeds will be used to refinance existing Green projects, specifically targeting onshore windfarms.
At the end of 2017, we have surpassed our Sustainable Energy target of £3bn set in 2015, providing £3.5bn of UK funding to the Sustainable Energy sector. Over the past three years, we have supported nearly 1,500 transactions in various Sustainable Energy technologies and our financing of the UK solar sector accounted for 41% of our Sustainable Energy portfolio.
Richard Saint, Sustainable Energy Executive Sponsor and Managing Director of Energy Infrastructure & Industrials, said: “This is a huge achievement, demonstrating our strong commitment to the low carbon economy and the jobs, businesses and communities that rely on it. It also highlights the attractiveness of the UK as a destination for investment in the low carbon goods and services sector as well as opportunities for British businesses.”
In 2018, we announced our 2020 ambition:
‘To empower our customers and colleagues with finance solutions and energy intelligence to accelerate the transition to a low carbon economy.’
With this ambition, we have now committed to funding £10bn to the Sustainable Energy sector by 2020. This will include continued financing of low carbon generation and energy efficiency projects, as well as an increased focus on energy efficiency in real estate and alternative fuelled vehicles.
We are ever more committed to becoming a more sustainable bank, a more responsible company; doing business in a more sustainable way and helping our customers do so too.
* Limited assurance provided by Ernst & Young LLP.
** According to InfraDeals
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