Press release | 2015-05-11 | 15:14 PM

Vattenfall to buy UK wind power from Banks Renewables

Banks Renewables and Vattenfall Energy Trading GmbH conclude Hook Moor Wind Farm Power Purchase Agreement

Vattenfall, the Swedish energy firm, is set to increase its wind power generation with a deal to buy production from Banks Renewables’ Hook Moor Wind Farm in West Yorkshire.

Banks Renewables, part of the family-owned property and energy firm The Banks Group, and Vattenfall Energy Trading GmbH concluded a Power Purchase Agreement (PPA) in relation to the Yorkshire project.

The five-turbine Hook Moor scheme will be the first wind farm in the Leeds metropolitan area. Preparatory site development work has now commenced, and the wind farm is scheduled to be fully operational before the end of 2015.

The 15 year PPA is on bankable terms covering the purchase of the power and green certificates.

Jake Dunn, Vattenfall Origination, said: “We were pleased to work with one of the largest independent wind developers in the UK and it has been a pleasure to work with Phil Whyman and his team at Banks. Vattenfall is committed to increasing its share of renewable generation through contracting long term PPAs in addition to developing its own wind farm assets.”

Phil Whyman, commercial finance manager at Banks Renewables, adds: “We are very pleased to be able to secure this important agreement with Vattenfall for the clean, green energy that will be produced from our latest onshore wind farm.”

Vattenfall is currently building three wind farms in Scotland, Wales and off the Kent coast with a total capacity of over 300MW. In addition, it operates over 600MW of installed wind capacity from seven wind farms and is developing a significant portfolio of on and offshore projects. Vattenfall Energy Trading GmbH is a wholly owned subsidiary of Vattenfall AB.

Banks Renewables is part of the Banks Group. Banks Renewables develops renewable energy solutions to meet society’s increasing demand for electricity. We are committed to generating power from renewable technologies such as onshore wind farms. Our large development team works with landowners and takes projects from inception to completion, handling all aspects of the planning and delivery process

The Banks Group was founded in 1976 in County Durham and now employs approximately 420 people. Banks’ development with care approach ensures sites are developed in close consultation with the community as well as carrying out extensive environmental assessments.