Global asset manager Brookfield has acquired the renewable energy business of UK onshore wind developer and operator Banks Group.
Banks Renewables has 11 onshore wind farms across Yorkshire, the North East, the North West and Scotland.
Brookfield has $850bn of assets under management.
This is the first acquisition in the second vintage of the Brookfield Global Transition Fund.
Brookfield’s existing energy assets in the UK include First Hydro (pumped storage), Cambridge Power (battery developer) and SGN (gas network).
Brookfield has more than £50bn of assets under management in the UK across all of its strategies.
Banks Group, founded in 1976, established its renewables business in 2006.
Around £3.5m has so far been distributed from the community benefits funds linked to Banks Group’s wind farms, which provide funding for voluntary groups, environmental projects and good causes in their respective locations.
Banks Group’s other businesses, including Banks Property, Banks Homes, Banks Mining, Banks Transport and Banks Plant Solutions, will continue to operate as normal.
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.
“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.”
Sebastian Perl, Vice President at Brookfield, 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.”
The Banks Group was advised by Rothschild & Co (corporate finance and M&A) and Ashurst (legal) during the transaction.