Finance
Britain to invest up to $1.4 billion in community energy projects
Published by Global Banking & Finance Review®
Posted on February 9, 2026
2 min readLast updated: February 9, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 9, 2026
2 min readLast updated: February 9, 2026
Britain will invest $1.4 billion in community energy projects to meet climate goals and reduce energy costs, empowering local control.
LONDON, Feb 9 (Reuters) - Britain will invest up to 1 billion pounds ($1.4 billion) in community energy projects, such as installing solar panels on libraries and other public buildings, to help meet climate targets and cut local energy costs, it said on Tuesday.
Britain is seeking to largely decarbonise its power sector by 2030, which will require a big increase in renewable capacity.
The Local Power Plan, launched on Monday, aims to support locally owned clean energy projects across community buildings and public sites.
It will be backed by Great British Energy, the government's publicly owned energy company, with the funding part of the 8.3 billion pounds committed to GBE over the current Parliament.
Energy Secretary Ed Miliband said the initiative would allow communities to own and control clean energy generation, ensuring profits flow into local areas rather than to large energy companies.
"By giving local people the chance to take control of their energy, this government is making a fundamental choice to transfer wealth and power back to communities," he said in a statement from the Department for Energy Security and Net Zero.
The funding will be distributed through grants and loans to community energy groups and local authorities, with schemes launching later this year, the government said.
($1 = 0.7325 pounds)
(Reporting by Susanna Twidale. Editing by Mark Potter)
Renewable energy is energy generated from natural resources that are replenished constantly, such as solar, wind, and hydroelectric power. It is considered more sustainable than fossil fuels.
Community energy refers to local energy projects that are owned and operated by local communities, allowing them to generate their own energy and benefit economically.
Solar panels are devices that convert sunlight into electricity using photovoltaic cells. They are commonly used in renewable energy projects to harness solar energy.
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