Bond Pearce’s energy practice has advised Banks Renewables, part of the Banks Group, on the successful completion of a £21.9m funding agreement with The Co-operative Bank for Penny Hill Wind Farm.
This deal will fund the construction of the third wind farm in Yorkshire for Banks Renewables and it follows the recent Armistead, Marr and Hazlehead wind farm transactions.
Penny Hill Wind Farm will have a capacity of 20.4MW, which is enough to meet the annual electricity consumption requirements of approximately 10,000 homes. It was cited in a speech by prime minister David Cameron at the Third Clean Energy Ministerial Conference in London recently as an example of the sort of renewables scheme that will help meet “our growing energy demands in a way that protects our planet for our children and grandchildren.”
Project delivery was overseen by client partner and energy sector specialist, Sebastian Briggs. Finance partner Philip Withey led on the finance and security aspects of the transaction and the property aspects were led by Real Estate partner, Luke Gabb.
Briggs commented, “We are delighted to have worked with Banks Renewables to achieve financial close on the Penny Hill project. They have an enviable track record of developing quality projects that lenders are prepared to back, which can only be good news for the UK as it seeks to meet its future energy demands in a sustainable way.”
Neil Brown, group commercial director of the Banks Group said, “We have worked with the Bond Pearce team on all of the projects that we have financed and once again the level of client service has been impressive.”