Lloyds Banking Group announced in its half-year results that it plans to invest approximately £333 million in renewable energy projects over the next 18 months as part of Government’s £1 billion infrastructure strategy.

Chris Heathcote, Lloyds Managing Director and Global Head of Project Finance, told Bloomberg that the Group plans to invest in up to 12 wind, solar power and biomass projects.

The bank has backed on- and offshore wind farms, solar projects and biomass facilities in the past and is “open” to investing in these areas, Heathcote explained.

“By providing this additional finance now, during the current economic cycle, vital projects can secure the financing required to progress so that the UK's infrastructure is ready for when growth returns,” he concluded.

Lloyds is the latest bank to reveal an interest in renewable energy project financing. Back in May this year the Co-operative Bank confirmed £300m for UK renewable energy projects, increasing its £1 billion lending target to the end of 2013 by £250 million.