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Banks Group secures £22m from Co-op Bank to build Penny Hill wind farm

9 May 2012

UK clean energy project developer Banks Renewables, part of the Banks Group, has secured £21.9m from the Co-operative Bank to construct a 20.4MW wind farm in Yorkshire.

Work on the Penny Hill facility, which is the company’s third wind project in the county, is set to commence shortly. It is the fourth development that the Co-operative Bank has financed for Banks.

A benefits package worth around £20,000 annually will deliver a range of benefits to the local community. In addition, Banks has made a further £50,000 available to deliver retrofit measures such as cavity wall insulation to households in the Rotherham area.

German manufacturer REpower, a subsidiary of Suzlon, has been contracted to supply 3.4MW turbines for the plant, the largest so far to be used on an onshore site in the UK.

UK-based Mabey Bridge will supply the towers for the project, which is expected to be operational next year.

Neil Brown, group commercial director at the Banks Group, said, ‘Starting work on our latest onshore wind farm reinforces Banks’ position as one of the leading owner/operators in the UK industry, and we have a number of other sites across our portfolio of developing wind schemes in the north of England and Scotland that will be moving forward in the near future.

‘Carefully designed and sensibly-sited onshore wind farms are viewed by the government as the cheapest form of renewable energy generation, and are central to achieving the twin goals of increasing the amount of indigenous energy that the UK produces by renewable means and continuing to reduce the amount of carbon dioxide that we produce as a nation.’

James Sutcliffe, senior manager in The Co-operative Bank’s renewable energy team, added, ‘We’re delighted to be backing Banks Renewables with this project and be playing a part in helping their ambitious strategy to develop more renewable energy schemes, where they already have a proven track record.

‘We believe medium-scale renewables projects such as these can make a significant contribution to the country’s future energy mix and help with the required transition to a low carbon economy.’

Copyright © 2012 NewNet

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