Member Article

New Owners For Four Yorkshire Wind Farms After Banks Group Agrees Sale Of Its Renewables Division

Four onshore wind farms in Yorkshire are set to come under new ownership after the Banks Group announced that its renewable energy division Banks Renewables is being acquired by Brookfield, a leading global asset manager with $850bn of assets under management.

Over the last 12 years, Banks Renewables has developed, built and operated the six-turbine Penny Hill Wind Farm near Sheffield, the five-turbine Hook Moor scheme to the east of Leeds, the four-turbine Marr Wind Farm to the west of Doncaster and the three-turbine Hazlehead Wind Farm near Barnsley.

In Banks Renewables’ most recent financial year, the four Yorkshire sites generated just over 100,000 MWh of electricity between them, which is enough to meet the annual electricity needs of more than 32,300 homes, or a city roughly the size of Wakefield.

The Yorkshire schemes also delivered combined revenues of over £53,000 during the year for their respective community benefits funds, which provide financial support for local projects being undertaken by groups and good causes in the communities surrounding them, and which will continue to operate as normal under the new owners.

Founder and Chairman of the Banks Group, Harry Banks OBE DL, says: “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.

“This is also good news for other Banks Group businesses and their employees, who will continue to develop our existing businesses in land, property, mining and in developing our new regional housebuilding business, Banks Homes.”

Sebastian Perl, Vice President at Brookfield, says: “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.”

This was posted in Bdaily's Members' News section by Julian Christopher .