Banks Group secures £82m financing for new renewables projects

The renewables arm of the Banks Group has secured fresh financing to support its wind farm portfolio.

£82 million of refinancing has been released through negotiations with the National Australia Bank and Santander. The funding will go towards seven of its existing wind farms at different stages of development, particularly helping the growth of clean energy in the north of England.

Simon Fisher, group finance director at The Banks Group, said: “Onshore wind is widely recognised as being the most effective technology in delivering carbon reduction targets for the UK at the lowest cost for the consumer, while the latest industry research shows a clear and increasingly positive public appetite for it to play a larger part in the mix of energy generation sources that the UK needs to power its homes, businesses, schools and hospitals.

“We are continuing to move projects forward which will further extend our presence in this sector and are excited at the opportunities that this new capital will enable us to pursue.”

The Durham-based family company is a major developer of onshore wind in England and Scotland. It has a total of 414 megawatts of capacity in operation or in development, enough to power a small city.

Adam Coxhead, Head of Specialised & Acquisition Finance Europe at National Australia Bank, added: “NAB is very pleased to have supported Banks Renewables again on their latest portfolio financing.

“With renewable energy financing being a strategic priority for NAB, we are delighted to be providing capital that will be available to support the continued development of Banks Renewables’ onshore wind business here in the UK.”

While the Banks Group is investing heavily in renewable power, to the tune of £200 million, its traditional interests have been in mining and coal plants. Earlier this year, the UK Government rejected Banks’ planning application to build an opencast coal mine near the Northumberland coast. Sajid Javid, the then local government minister said the project would “adversely impact upon measures to limit climate change”.

 

Photo Credit: Mat Fascione/CC