Banks Renewables is rebranding asOnPath Energy following the completion of its acquisition by BrookfieldAsset Management (Brookfield).
The County Durham-headquartered firm was acquired by the BrookfieldGlobal Transition Fund in a transaction announced in October2023 and completed in December 2023.
OnPath Energy has more than 4GW of renewable capacity in its pipeline,including 11 operational onshore wind farms across Scotland and northernEngland, and is already established as one of the leadingowner/operators in the UK onshore renewable energy sector it said.
It expects to commence the construction of wind, solar and storageprojects across the UK within the next 12 months, as well as to continueto bring forward and identify a wide range of new projects.
The new business, which will be led by the existing management team, aims to become the UK’sleading land-based renewable energy developer by building an enhancedportfolio of onshore wind, solar and energy storage projects.
Its headquarters will remain in north-east England, with a furtheroffice in Hamilton in South Lanarkshire, and a number of new jobs areexpected to be created as the business grows.
“We haveachieved a huge amount over the last two decades and now we are ready totake the next step in our growth journey,” said OnPath Energy managing director Richard Dunkley.
“The OnPath Energy name captures the journey towards Net Zero that we aretaking together with our customers, business partners, landowners andlocal communities, and shows our ambition to make a substantialcontribution towards creating a just transition to Net Zero that is fairand inclusive for everyone.”
“Our success to date has been achieved through creating and maintaininglong term and valued relationships with all our stakeholders andconducting ourselves with professionalism and integrity in all that wedo.
“Our culture and approach to development was a key reason Brookfieldacquired Banks Renewables, and this will continue to be at the core ofOnPath Energy.
“We will grow in terms of our diversity of projects and technologies,and also geographically, and will deliver a range of high-qualityprojects that will contribute to both the UK’s journey towards net zeroand its essential domestic supplies of secure, affordable renewableenergy.
“Brookfield provides access to capital, global relationships forprocurement and power marketing and a decades-long track record inrenewables that will greatly enhance our business.
“We are already seeingthe benefits to our business from their ownership, helping many of ourprojects take significant steps closer to becoming a reality.”