HSBC has signed a power purchase agreement (PPA) to procure power from the Sorbie Wind Farm Project in Scotland. The wind project will entail three turbines with a total capacity of 12.6 MW, which will be built by the renewable energy investment manager, Capital Dynamics. Under the PPA, HSBC has committed to obtaining power from the wind farm for a period of 15 years.
Capital Dynamics will develop the project in partnership with the German renewables developer, Energiekontor AG. The company will also provide operational support and management services to Capital Dynamics. The project is expected to become operational in early 2023.
HSBC has a target to achieve net zero emissions in its operations and supply chain by 2030 or earlier. At present over 70 per cent of its energy comes from renewable energy PPA’s. The Sorbie wind farm is HSBC’s fourth venture in the UK supporting wind and solar projects. This project is expected to result in 90 per cent of the bank’s electricity in UK being sourced from renewable sources. With additional green tariffs, it is expected to reach its target of 100 per cent renewable energy by 2023 itself.