English developer Banks Renewables has secured a £82m financing deal in part to help fund its next generation of onshore wind farm projects in the UK.
The County Durham company tapped lenders National Australia Bank and Santander for the new arrangement, which covers seven operational projects in the north of England.
Five of the wind farms were built using external finance while two relied on in-house capital reserves.
“The new funding will be utilised in a number of projects, including Banks Renewables’ forward programme of onshore wind farms as well as for a number of other projects across the wider group,” it said.
PWC and Ashurst advised Banks Renewables on the refinancing deal while the lenders were advised by Burges Salmon. Additional support for the transaction was provided by EY, Muckle, Womble Bond Dickinson and Brodies.
Banks Group finance director Simon Fisher said: “We are continuing to move projects forward which will further extend our presence in (the onshore wind sector) and are excited at the opportunities that this new capital will enable us to pursue.”
He added: “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.”
Image: Banks
Banks shuffles UK wind deck
By EBS