HSBC has signed a power purchase agreement (PPA) with Capital Dynamics to develop the Sorbie Wind Farm Project in Scotland.
The Sorbie Wind Farm Project will include three turbines with a total capacity of 12.6MW.
The project, located in Ayrshire, is due to begin generation in early 2023, HSBC has committed to purchasing energy from the wind farm for 15 years.
This PPA will be HSBC’s fourth project in the UK supporting wind or solar projects and will result in 90% of the bank’s UK electricity being sourced from renewable projects.
An additional 10% will be topped up with green tariffs, making 100% of the electricity purchased by HSBC in the UK to be from renewable sources by 2023.
HSBC chief operating officer Emma Bunnell said: “We are excited to help create new renewable energy sources in the UK, with benefits for us as well as our customers and the wider communities we serve.
“A key part of HSBC’s net zero operation’s strategy is to replace brown energy with green, and entering into this PPA allows us to achieve this in the UK.
“I’m delighted that we’re on track to source power solely from renewable sources in the UK by 2023, well in advance of our 2030 target.”
Barney Coles, managing director and co-head of clean energy infrastructure at Capital Dynamics, said: “We are delighted that HSBC has joined Capital Dynamics as a key partner in developing the Sorbie Wind Farm – adding a critical source of clean, low-cost energy to the UK’s power generation fleet.
“Strong commitments to renewable energy from companies like HSBC are essential to helping Europe lead the global energy transition and meet its emission targets.”