One of the UK’s largest renewable energy players has been snapped up by Canadian asset manager Brookfield, in a boost to the country’s onshore wind industry.
The takeover fee remains undisclosed, but the Financial Times has reported the figure could reach $1bn (£830m).
Banks Renewables owns 11 onshore wind farms across Northern England and Scotland, recently completing the construction of its 100th turbine.
It is part of the wider Banks business, based in Durham, which was founded in 1976.
Overall, its total portfolio consists of just over 4GW, including 3.5GW in the pipeline on top of 300MW of operation wind farms and 300MW of renewable projects that have received planning permission but are yet to be built.
Most of its future onshore wind pipeline is in Scotland, reducing its exposure to more restrictive planning rules.
Founder and chairman of the Banks Group, Harry Banks, said: “I believe that Brookfield’s established position in the renewables industry and the strong cultural fit that exists between both businesses will lead to this acquisition being to the benefit of all parties involved.”
Sebastian Perl, vice president at Brookfield, added: “We have a track record of being long-term owners of renewable energy businesses around the world and we see great potential to continue the great work that Banks Renewables has already achieved.”
The news follows Community Windpower halting an onshore wind project last week in Scotland that could have powered 350,000 homes – citing challenging investment conditions including renewable levies and higher construction costs.
Earlier this year, Vattenfall also pressed the pause button on a proposed major offshore wind farm near the cost of Norfolk, worried over the costs involved in continuing the project.
Brookfield has over £700bn in assets under management, including 32GW of renewable energy capacity.
This is the first acquisition for its second global transition fund, with the first raising over £12.4bn – the largest amount for a single product focused on the energy transition to net zero.
The story was first reported in the Financial Times.