Canada's Brookfield Asset Management (TSX:BAM.A) is set to acquire 11 onshore wind farms in the UK through the purchase of Banks Group’s renewables wing for roughly US$1 billion.
Made up of over 100 turbines, Banks' wind farms in northern England and Scotland will be taken on by Brookfield, as part of the deal, alongside its solar and battery assets.
“The UK is a high-quality location for renewable energy development and we are delighted to have made a further commitment to this market,” Brookfield vice president Sebastian Perl said.
The deal is worth around £830 million (just over US$1 billion), according to the Financial Times, and comes during a tough period for onshore developers.
Just last week, developer Community Windpower called on the government to lower taxes on renewable projects upon warning its onshore development in Scotland had “ground to a halt”.
A “triple whammy” of high inflation, growing interest costs and a weak pound had plagued the project, the firm said, which is set to power around 350,000 homes from 44 turbines.
Banks Group chairman Harry Banks commented that the deal with Brookfield would likely “benefit all parties involved”.
“The greater resources of Brookfield will enable the fuller development of opportunities which Banks Renewables are introducing,” he said.
Brookfield is chaired by former Bank of England governor Mark Carney.