Multi-billion dollar buyout of Heysham and south Cumbrian wind farms

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 Armistead scheme, which sits to the east of the M6 between junctions 36 and 37 in south Cumbria, and the three-turbine Heysham South Wind Farm, which is located to the south east of the north Lancashire town.

In the company’s most recent financial year, the two sites generated over 47,000 MWh of electricity between them, which is enough to meet the annual electricity needs of more

than 15,200 homes - or a town roughly the size of Lancaster.

The two schemes also delivered combined revenues of over £25,000 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, said: “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, said: “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.”