£82m wind farms refinancing agreement for Banks Renewables

£82m wind farms refinancing agreement for Banks Renewables
Courtesy of Banks Renewables

Banks Renewables has secured an £82 million refinancing deal to help fund the next stages of its development.

The firm has worked with lenders National Australia Bank and Santander to agree a refinancing deal for seven of its existing wind farms across northern England – five of which were built using external finances and two using Banks’ own capital reserves.

The new funding will be utilised in several projects, including Banks Renewables’ forward programme of onshore wind farms as well as for several other projects across the wider group.

Banks Renewables currently has a total generating capacity from its onshore wind farms, both in operation and construction, of 224MW, with further schemes with a total capacity of 190MW at different stages of development.

It’s the second time that the firm has secured substantial finance from National Australia Bank and Santander, with both lenders contributing to the transformational £210 million investment package that Banks obtained last year to support the construction of the Kype Muir and Middle Muir wind farms in South Lanarkshire, and the Moor House wind farm near Darlington in County Durham.

Moor House began generating green electricity at the start of 2018, while Middle Muir is scheduled to go live later in the year and Kype Muir is due to follow early in 2019.