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September 24 (Renewables Now) - British HSBC Bank plc (LSE:HSBA) has committed to buying electricity from a 12.6-MW wind farm that Swiss private asset and renewable energy investment manager Capital Dynamics will build in Scotland.
Under a 15-year power purchase agreement (PPA), the UK banking giant will procure power from the Sorbie wind farm near Glasgow, Capital Dynamics said on Thursday. The deal will enable HSBC to use power from 100% renewable energy sources in the UK by 2023, well ahead of its 2030 target.
The three-turbine Sorbie wind park will be installed in Ayrshire and is due to go online at the start of 2023. Capital Dynamics has partnered with Energiekontor AG (ETR:EKT) to develop the project. The German renewables developer and operator will also provide construction management and ongoing operational support services.
After Sorbie’s commissioning, around 90% of HSBC’s electricity will come from renewable energy sources. In order to go all-renewable by 2023, the banking group will use green tariffs.
At present, HSBC has PPAs that cover 70% of its electricity consumption in its home market. The bank’s goal is to become net zero in its operations and supply chain by 2030 or sooner.