HSBC unveils solar skyscraper

HSBC yesterday announced that it has completed work on its project to install 617 square metres of solar panels on the roof of its Canary Wharf office tower, an initiative the company claims will generate enough electricity to power 20 homes a year.

The company said the installation of the 422 monocrystalline photovoltaic panels made it the tallest corporate headquarter building in Europe to use solar panels.

It added that the panels, which were provided by electronics giant Sharp, had been fitted to withstand wind speeds of up to 140 miles per hour and are expected to generate more than 1.5m kilowatt hours of energy over the building's lease.

The company refused to divulge the cost of the project, but a spokeswoman for the bank insisted that the installation was not a publicity stunt and that the company was happy with the return on investment it will receive from the panels.

She added that the project was part of a wider $90m (£45m) environmental efficiency programme that has already seen the company cut energy use at its headquarters building by seven per cent since 2004, or 20 per cent per full-time employee.