UK renewable energy group, Renewable Energy Generation Ltd (REG), has moved its full banking mandate to HSBC’s West and Wales Corporate team and secured a €15 million trade finance facility to support the acquisition of wind turbines.
Using this facility, the company has recently purchased three 2MW G80 turbines from Spanish manufacturer Gamesa SPA for a new onshore wind farm project at Burnthouse Farm in Cambridgeshire. Construction has commenced with the aim that it will be fully operational later this year.
The deal to move to HSBC was led by Stefan Gunn, Senior Corporate Banking Manager within the West and Wales corporate team. Stefan, who is based in Bristol, specialises in supporting companies in the renewable energy sector and works with a number of other businesses in this field.
REG was established and listed on the London Stock Exchange’s Alternative Investment Market in May 2005. The group’s main business is the development, construction, financing and operation of onshore wind farms in the UK. The company operates eleven wind projects in Cornwall, County Durham, Cumbria, Cambridgeshire, Yorkshire and Gwynedd, with a total capacity of 57.15MW, and has six projects with planning permission awaiting construction.
REG Commercial Director Simon Wannop said: “The UK has a pressing need to reduce levels of harmful emissions and play its part in tackling dangerous climate change. We have the necessary expertise in development, financing, construction and operations to play a significant part in delivering the renewable energy capacity required for 2020 and beyond, and projects such as Burnthouse Farm are part of this.
“We are pleased to have found a supportive banking partner in HSBC; one which understands where the business is heading and what we need to help us achieve our targets. HSBC’s international credentials were particularly important to us because we trade with overseas wind turbine manufacturers on a regular basis.”
Mark Bennett, HSBC West and Wales Head of Corporate added: “We are pleased to support this innovative and ambitious company. Renewable energy will play an increasingly important role in our future energy provision and REG is leading the way in the field of onshore wind energy production.”
