Brookfield buys Banks Group's multi-gigawatt UK wind portfolio

Asset management major Brookfield will acquire the renewables portfolio of UK land developer Banks Group. 

Banks Renewables' Hook Moor wind farm near Leeds

In a statement published today (Tuesday, 3 October) Banks Group confirmed that its renewables business Banks Renewables, which was founded in 2006, was set to be acquired by the Canadian asset manager.

The Financial Times newspaper reported the deal was worth around £1 billion (€1.2 billion).

Banks Renewables currently has 11 onshore wind farms across northern England and Scotland, plus a majority stake in the recently completed 67.2MW Kype Muir Extension onshore project in South Lanarkshire, Scotland.

Banks Group claims its renewables division has distributed some £3.5 million from community benefit funds via its wind energy portfolio.

It has a total wind capacity of 275MW, according to Windpower Intelligence, the data and research division of Windpower Monthly.

A spokesperson for Brookfield Group told Windpower Monthly that the deal included 300MW of operating capacity, 300MW of consented projects, 500MW of advanced stage pipeline, and around 3GW of development pipeline wind projects.

They added that the deal was expected to close by the end of the year.

Brookfield previously exited the UK and Ireland wind energy market after selling 100% of its Brookfield Renewable Ireland (BRI) division of the business to Danish power company Ørsted. They maintained an onshore wind portfolio in-house following the Ørsted deal.

Commenting on news of the deal, Sebastian Perl, vice president at Brookfield, said: “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.”