Quixwood Moor Wind Farm
BANKS RENEWABLES SELLS QUIXWOOD MOOR WIND FARM TO NTR TO FUND EXPANSION PLANS
Banks Renewables, part of the family-owned energy and property firm The Banks Group, has concluded the sale of one of its consented onshore wind farms to Irish renewable energy investor NTR to help fund the next stage of development of its development.
Agreement has been reached on the sale of the 13-turbine Quixwood Moor wind farm, which sits on agricultural land between the villages of Grantshouse and Abbey St Bathans in Berwickshire in the Scottish borders, and for which Banks Renewables was granted planning permission in 2013.
Pre-construction work is currently ongoing on the site, and a grid connection agreement has been signed with Scottish Power.
As part of the sale, NTR has committed to fulfil the Quixwood Moor community funding commitments made in the local area by Banks Renewables.
The resources realised by the sale of Quixwood Moor will help Banks Renewables carry out development work on a range of further onshore wind farms which are currently at different stages of the planning process.
The Durham-headquartered firm has built a total of six wind farms across Northern England and Scotland over the last decade, and construction of its next onshore scheme, the Hook Moor wind farm in West Yorkshire, is currently under way.
Climate Change Capital and Brodies LLP advised Banks Renewables during the sale of the Quixwood Moor wind farm, while NTR was supported by Pinsent Masons and Natural Power.
Richard Dunkley, executive director at Banks Renewables, says: “This is a strategic decision that will support our long-term ambition of developing, constructing and operating a sizeable portfolio of onshore wind farms across the North of England and Scotland, and we’re very pleased to have reached an agreement over Quixwood Moor with such a well-regarded and long-standing name in the renewable energy sector.
“We currently have an extensive development pipeline in these locations at various stages of the planning process, and the capital realised by this deal provides the resources required to help fund the development and construction of further schemes in the coming years.
“As part of our agreement, NTR has agree to fully adhere to the commitments we made to the communities around the Quixwood Moor site during the planning process, in terms of both providing long-term funding for local projects and enabling regular community dialogue.”
Rosheen McGuckian, Chief Executive Officer at NTR plc, adds: “we are very pleased to have completed the acquisition of Quixwood Moor, it is a top quality project developed by the very experienced Banks Renewables. We look forward to engaging with the local communities and are fully committed to meeting the obligations we have assumed from Banks Renewables in this regard.”
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