Canadian-based Brookfield has purchased Banks Renewables, one of the UK’s predominant renewable developers, in a move that fortifies the nation’s onshore wind sector amidst recent challenges. The deal, approximated at almost £1 billion, will see Brookfield take over the Durham-headquartered Banks Renewables, a subsidiary of the family-run Banks Group.

Banks Renewables currently oversees operational onshore wind farms located in northern England and Scotland. In addition to this, they are developing a substantial collection of onshore wind, solar, and battery assets.

This acquisition emerges at a time when other developers in the sector express concerns over escalating costs. Both Vattenfall and Community Windpower recently paused offshore and onshore projects in the UK. However, Sebastian Perl, the Brookfield vice-president in charge of the transaction, remains optimistic about the UK’s renewable future, believing that the current challenges are transient. He stated that Brookfield remains committed to their long-term perspective as investors.