Brookfield Asset Management is acquiring the renewable-energy arm of Banks Group in a deal valued at $1 billion, according to multiple news sources.
Banks Renewables is part of the Banks Group, a family firm based in Durham, Leeds and Hamilton, England. The company’s development team works with landowners to take renewable- and flexible-energy projects, including onshore wind, solar and battery storage projects, from inception to completion.
Banks Renewables currently owns and operates 282 megawatts of renewable-energy generation, according to the company’s website. The renewable group has planning permission for 307 megawatts, with an additional 580 megawatts in the planning system.