Global asset manager Brookfield has acquired the renewable energy division of Banks Group, a UK-based onshore wind developer and operator. Banks Renewables, the acquired subsidiary, manages 11 onshore wind farms located in Yorkshire, the North East, the North West, and Scotland.
This acquisition marks the first investment within the second phase of the Brookfield Global Transition Fund, and it comes as Brookfield manages a substantial $850 billion in assets.
Brookfield’s existing energy portfolio in the UK includes First Hydro (a pumped storage facility), Cambridge Power (a battery development company), and SGN (a gas network provider). In the UK, Brookfield manages assets totaling over £50 billion across various investment strategies.
Banks Group, established in 1976, ventured into the renewable energy sector in 2006.
The wind farms developed by Banks Group have already contributed approximately £3.5 million to community benefit funds, supporting voluntary organizations, environmental initiatives, and charitable causes in their respective regions.
It’s important to note that Banks Group’s other enterprises, such as Banks Property, Banks Homes, Banks Mining, Banks Transport, and Banks Plant Solutions, will continue to operate without any changes as a result of this acquisition.
Harry Banks, founder and Chairman of the Banks Group, 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.”
“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.”
Vice President at Brookfield, Sebastian Perl, added “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.”
During the transaction, Rothschild & Co provided advisory services in corporate finance and M&A, while Ashurst served as legal counsel to the Banks Group.
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