Canadian investment powerhouse Brookfield is set to acquire Banks Renewables, a major player in the UK’s renewable energy sector, in a deal reportedly worth nearly $1 billion (£830m).
Banks Renewables, headquartered in Durham and part of the family-owned Banks Group, owns operational onshore wind farms in northern England and Scotland.
The company currently manages 11 onshore wind farms spread across Yorkshire, the North East, the North West and Scotland.
The acquisition comes amidst concerns from other developers about the cost challenges facing the wind power sector.
Founder and Chairman of the Banks Group, Harry Banks, said: “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.”