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Bond Pearce advises on £21m Wind Farms Funding Deal

Energy lawyers at Bond Pearce have advised Banks Renewables, part of The Banks Group, on a successful funding agreement with The Co-operative Bank to part-fund the construction of two new wind farms in which Banks is making a total investment of £21m.

Sebastian Briggs, Corporate Finance Partner at Bond Pearce led the team of energy lawyers that advised the Banks Group. Briggs comments: “We were delighted to advise Banks who continue to establish themselves as one of the leading owner/operators in the UK onshore renewables market. This project finance model will be instrumental in increasing the numbers of renewables projects that are constructed, particularly with the Government facing steep policy targets regarding the significant reduction of UK carbon emissions by 2050.”

When fully operational, the schemes will produce up to 14.4MW of renewable energy between them, enough to meet the annual power requirements of up to 9,000 homes. This energy will be generated from two Yorkshire sites: the three-turbine Hazlehead wind farm near Barnsley and four turbine Marr scheme near Doncaster.

Neil Brown, Group Commercial Director at The Banks Group, says: “The team at Bond Pearce provided excellent commercial advice to help secure the largest investment that the Co-operative Bank has ever made in the renewables industry. Their insight and experience was invaluable. This deal not only represents a validation of the strength of the UK market but also of the business model that Banks Renewables is following in this area.”

Banks expects the two schemes to be activated by the end of the year. Financial advice on the deal was provided to Banks Renewables by Grant Thornton.

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