Funds rush to back wind as solar slumps
Wind power investment is soaring as investment funds look to plug the gap left by solar following the announcement of potential changes to the Feed-In Tariffs (FITs), according to one of the smaller manufacturers.
quietrevolution's chief executive, Maeve Hurley, told edie.net that Venture Capital Trust (VCT) funds had 'pulled the plug' on solar and the Government's changes to FITs were to blame.
The turbine manufacturer, which counts Sainsbury's, Network Rail and Defra among its customers, is going from strength to strength itself having this week gained coveted Microgeneration Certification Scheme (MCS) accreditation and access itself to FITs for its unique qr5 turbine.
Wind turbines by the company are instantly recognisable and are designed with a unique vertical axis, not the traditional three bladed windmill styles.
It's quite an achievement as, to date, only nine small wind turbines globally have been MCS certified and quietrevolution's qr5 turbine is also the first in the vertical axis category.
Funding is also not a problem for the firm, which has now installed more than 130 turbines across the UK, after signed a project finance deal with Hazel Capital for £5 million to deploy the qr5.
According to Mrs Hurley the qr5 has already sold out of its planned 2011 manufacturing capacity.
She said: "It's typical of lots of the funds they seem to give out with hand and take away with the other.
"They're looking now for investments in existing proven clean tech ... a safe bet like wind.
"But the flipside is we're too small for a ot of the funds, but there's has been more interest from them definitely since the FITs changes."