Brookfield Asset Management announced the acquisition of Banks Renewables, one of the UK’s largest independent developers and operators of onshore wind farms from Northeast England-based family-owned business Banks Group. According to media reports, the deal values Banks Renewables at nearly $1 billion.

Founded by Banks Group in 2006, Banks Renewables owns and operates 282MW of renewable energy generation, including 11 onshore wind farms across Scotland and Northern England, and has a large-scale pipeline with planning permission for 307MW, and another 580MW in the planning system. According to Banks, the company’s operational projects have achieved a reduction of 620,000 tonnes of CO2 to date.

In addition to planning permissions for 15 new windfarms, the company is also developing renewable and flexible energy projects, including new solar arrays and a battery energy storage system.       

Banks Group Founder and Chairman Harry Banks said:

“The greater resources of Brookfield will enable the fuller development of opportunities which Banks Renewables are introducing.  It will be good for Banks Renewables’ employees and their career prospects, and it will be good for Brookfield because they are acquiring a renewables business with a proven track record and a capability to take the business forward.”

The deal marks the latest in a series of large-scale clean energy transactions for Brookfield, including the recent acquisition of Duke Energy’s commercial renewables business for $2.8 billion, and of renewable energy developer Scout Clean Energy for $1 billion.

According to the Financial Times, the deal is being done by Brookfield’s second Global Transition Fund. Launched earlier this year, the fund follows Brookfield’s record breaking inaugural Global Transition Fund, which raised $15 billion at final close last year, making it the largest private equity fund raised to date dedicated to facilitating the global transition to a net-zero carbon economy.

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.

“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.”