The Challenge
Vattenfall is committed to supplying fossil-free energy solutions, and wind power will play a vital role in helping achieve this goal. An estimated 40% of the wind that hits Europe first passes over the UK, making it ideal for farming this valuable renewable resource for energy production. Recognising the potential, Vattenfall purchased its first UK wind farm in 2008. The group now operates 10 wind farms across Scotland, England, and Wales, and is working on numerous additional fossil-free energy projects.
Vattenfall outsources a large portion of its financial services in the UK and the group’s ongoing expansion demands a provider with the appropriate knowledge, experience and capacity to handle the considerable volume of work required.
The Solution
Warrener Stewart has supported Vattenfall since it acquired its first wind farm in the UK, working closely with the Director of Division Controlling, Kamlesh Patel, to meet the business’s ever-evolving requirements. A dedicated team of accountants, VAT and tax specialists provide financial services and technical advice to Vattenfall, helping manage the business’s accounting and tax compliance in the UK. They also act as a bridge, liaising between Vattenfall’s UK and overseas teams, and their external independent auditor.
Alex Eagle and Gary Chapman, Directors at Warrener Stewart, head up the teams overseeing the preparation of financial statements and VAT returns, with Damian Talbot ensuring Vattenfall has access to any specialist advisory services required. All take great pride in the high standards the teams adhere to, and their knowledge and expertise are essential to Vattenfall’s UK operations.
The Result
Vattenfall now has more than 400 employees working across 20 companies in the UK. It operates 10 wind farms, 2 Ofgem-regulated distribution networks, and 4 heat companies delivering low-carbon heating to businesses and homes in this country. It is also seen as a key partner in enabling the UK to reach “net zero”.
Kamlesh said; “We have seen significant organic growth since we first set up in the UK. Warrener Stewart has supported us throughout, providing the necessary accountancy services, including advice on tax and VAT, and working alongside PwC to complete our annual audits.”
Alex said, “Vattenfall is a longstanding client of Warrener Stewart. I have worked with Kamlesh for many years and we have an excellent relationship. The business has undergone major expansion in the UK, requiring a high level of support from appropriately qualified advisors. Our team has proved itself to be adept in delivering these services and we go out of our way to support the business as required. It is a testament to the skills and ability of our staff that that we are able to service a business of the size and scope of Vattenfall.”
Client's View
“I am extremely happy with the services of Warrener Stewart. We have a team of people supporting us and everything runs smoothly and swiftly”