Brookfield to buy UK renewable developer in $1bn deal

Brookfield is buying one of the UK’s largest renewable developers in a $1bn deal. The Canadian investment firm will acquire Durham-based Banks Renewables, which owns onshore wind farms in northern England and Scotland, as well as a large portfolio of onshore wind, solar and battery assets in development. Banks Renewables’ total portfolio comprises just over 4GW: about 300MW of operational wind farms, 300MW of onshore wind farms, solar and battery projects that have received planning permission, and another 3.5GW in the pipeline. Most of its onshore wind pipeline is in Scotland, reducing its exposure to more restrictive planning rules in England. The transaction comes as other developers have warned of a challenging environment for wind power because of rising costs, with developers Vattenfall and Community Windpower recently halting an offshore and an onshore project respectively in the UK. Brookfield is currently developing a 60MW wind farm in Scotland and has agreed that the electricity will be sold to Canary Wharf Group, which it also part owns. The FT (£)