Brookfield has purchased Banks Renewables in a $1bn deal.

Canadian investment firm Brookfield, with approximately $850bn in assets under management, will acquire Durham-based Banks Renewables that operates onshore wind farms in northern England and Scotland and has solar and battery facilities in the pipeline.

Banks Renewables, a division of Banks Group, has about 300MW of operational wind farms in the UK, and has another 3.5GW of projects in its pipeline. It currently has 11 onshore wind farms across Yorkshire, the North East, the North West and Scotland, and earlier this year, it completed the construction of its 100th wind turbine as part of the development of the new Kype Extension Wind Farm in South Lanarkshire, which is due to become operational in the very near future.

Sebastian Perl, VP at Brookfield, adds: “The United Kingdom is a high-quality location for renewable energy development and we are delighted to have made a further commitment to this market. 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

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