Funding Is Secured for Wind Farm Turbines

The Journal (Newcastle, England), March 12, 2012 | Go to article overview
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Funding Is Secured for Wind Farm Turbines

Byline: John Hill

THE renewables arm of Banks Group has secured pounds 16m in bank funding to construct a wind farm in Cumbria.

The Durham property and energy firm, which turned over around pounds 55m last year, said work on the Armistead Wind Farm near the village of Old Hutton began just days after the funding deal with the Co-Operative Bank was secured.

The Banks Renewables scheme will have a capacity of 12.3MW, which will be able to power around 6,800 homes annually. Turbines will be delivered to the site by manufacturer REpower in the autumn, and connection to the grid will take place before the end of the year.

Environment and community director Mark Dowdall said: "Without that finance in place, we couldn't have gone through with the development.

However, everything was geared up and ready to go so we could get started.

"This is a six-turbine wind farm.

Our first wind farm was a 12-turbine scheme in West Durham and we've also built two smaller three and four-turbine schemes in Yorkshire.

"We're hoping to make some progress on a scheme we've got planning permission for in Rotherham, and there are various other schemes at various other stages of development."

The property and energy firm also has significant interests in surface mining, including mines in Brenkley and Shotton. But has said it would be "folly" to limit the sources of energy available to the UK.

Recent media reports have suggested that major wind companies have wavered in setting up facilities in Britain due to the political rumblings against wind energy. These include a letter signed by more than 100 MPs calling for a dramatic cut in subsidies for the "inefficient and intermittent energy production that typifies onshore wind turbines".

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Funding Is Secured for Wind Farm Turbines


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