The Greater Manchester Combined Authority will today launch a new £15m loan programme designed to make it easier for property and infrastructure developers to incorporate renewables as part of their projects. Backed with funding from the European Regional Development Fund, the Greater Manchester Low Carbon Fund will offer loans to fund projects that would not attract traditionally commercial finance due to the relatively new technology involved, or projects that would be improved through the fund’s expertise. The loans will then be repaid over a 15 year period with the proceeds then recycled into further green projects across the region. The aim is for the fund, which will be managed by property specialists GVA, to complement the existing Greater Manchester European Local Energy Assistance (ELENA) fund, which provides grant funding for support early stage renewables and energy efficiency projects, such as street lighting upgrades. Under the new arrangements, the ELENA Fund is able to provide assistance for upfront project costs with the Low Carbon Fund following on with commercial investment, the authority said. Example projects include wind turbines that are dedicated to a development, projects generating energy from waste, or Biomass Combined Heat and Power (CHP) systems that generate electricity and heat powered by renewable woodchips.