GE Capital, the finance arm of US industrial conglomerate GE, has posted a $6.5bn (€4.9bn) profit for 2011 – up some 107% from 2010.
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The Co-operative Bank has provided £500m (€585m) in project and asset finance to UK renewable energy projects in the past four years.

As it released the figures, which go back to 2007, the Cooperative Group’s banking division set a target to double the funding to £1bn by 2013, as part of the wider group’s corporate responsibility strategy, called Ethical Plan.

The Co-operative Bank, which prides itself as an ethical lender, has funded 108 renewable energy projects over the period with a capital value of £1m to £25m.

Projects are typically taken on by smaller developers, community groups and landowners as a means to diversify income, according to a statement from the bank released with the figures.

The projects funded include onshore wind, hydro, biomass and combined heat and power systems, and the bank has a renewable energy team to deal with planning permission and grid connection on behalf of clients.

Richard Wilcox, head of social banking at The Co-operative, said: “At a time when many communities are fighting for survival from the wider economic challenges, small to medium renewable energy schemes provide an opportunity for communities to become sustainable, creating local jobs and diversifying local economies.”

Renewable energy projects in the UK currently receive around £1.4bn a year in government support through the Renewables Obligation Certificates (ROC) scheme.

However, a review of the scheme has been delayed, which could stall renewable energy investment, Wilcox warned.

“We welcome the Government’s commitment to renewable energy investment which has helped to provide an enabling arena for our rapid growth in renewable investment,” he said.

“However, there is a real danger that this could grind to a halt if the review of ROCs and pending review of feed-in tariffs are not completed quickly and with a view to nurturing our fledgling environmental industries.”

Article contributed by: Leasing Life

In a deal completed on 11th October 2011, Leumi ABL Limited, the asset based lending subsidiary of Bank Leumi (UK) plc, has acquired a portfolio of clients from Coface.

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Investec Asset Finance (AF) has appointed a new head of sales to help drive “cautious opportunistic growth” following a successful year for the company.

Wesley Harfield joins with 20 years experience in the asset finance industry to help grow the business through increased levels of origination within the broker, direct and vendor channels and will report to head of asset finance at the specialist bank, Mike Francis.

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New UK bank Aldermore has announced it has raised £62m in additional equity capital to fund its continued growth. Continue Reading

Azule Finance, the UK-based broadcast and media asset finance broker, has expanded its sales-aid finance venture with Sony Financial Services (FS) into Germany.

The deal is an extension of the existing arrangement between the companies in the UK, in which the Berkshire-based company acts as one Sony’s vendor finance partners.

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Fred  Crawley, Senior Reporter at Leasing Life reports “The days of the wholly manufacturer-owned captive finance model may be numbered.” Continue Reading

The future for light commercial vehicles (LCV) looks bright, according to Steve Crawshaw, specialist consultant commercial vehicles at LeasePlan. Continue Reading

After double-digit sales growth, bank-owned asset finance companies are confident about the year ahead. Nick Huber and Janet Du Chenne of Leasing Life report. Continue Reading