The Banks Group, a Durham headquartered infrastructure and energy firm, announced the acquisition of Banks Renewables, its renewable energy division, by global asset manager Brookfield.

Banks Renewables currently manages a total renewable energy generation capacity of 223 MW. With planning permissions for an additional 200 MW and 347 MW in various planning stages, Banks Renewables said it continues its commitment to reducing CO2 emissions and expanding its renewable energy portfolio.

In addition to operating ten onshore wind farms across Scotland and northern England with a combined capacity of 223 MW, Banks Renewables has secured planning permissions for 14 wind farms. The company holds planning permission for two solar arrays and actively pursues various renewable and flexible energy projects across the UK.

Founded in 1976, the Banks Group ventured into renewables in 2006, emerging as an independent operator of onshore wind farms in the UK. With a presence in regions including Yorkshire, the Northeast, the Northwest, and Scotland, the company manages 11 onshore wind farms.

Founder and Chairman Harry Banks said he anticipates a mutually beneficial partnership with Brookfield, citing cultural alignment and Brookfield’s established presence in renewables.

Rothschild & Co. provided corporate finance and M&A services, while Ashurst offered legal counsel during this transaction.

The company has achieved the construction of its 100th wind turbine, part of an ongoing Kype Extension Wind Farm project in South Lanarkshire, set to become operational soon.

The company said with $850 billion in assets under management, Brookfield is set to assume control of Banks Renewables, consolidating its position in the UK renewable energy industry.

In June, Brookfield Asset Management announced the final institutional close of a $15 billion raise for the Brookfield Global Transition Fund, focused on facilitating the global transition to net zero.

Earlier this year, Brookfield Renewable and its investors acquired Urban Grid, a U.S.-based renewable energy developer, for $650 million.