Brookfield Asset Management Ltd. will acquire the renewables division of the Banks Group, an operator of onshore wind farms in the UK.
Brookfield Global Transition Fund will own and operate 11 onshore wind assets in England and Scotland, the Banks Group said in a statement. The deal is worth close to $1 billion, according to a person familiar with the matter.
Onshore wind received a boost in September, when the UK ended an eight-year ban on new projects, saying it would streamline the approval of new projects. The deal is good timing for the government, as it shows the commitment of a large investor to Britain at a time when the nation’s ambition on climate issues is under scrutiny.
“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,” Sebastian Perl, vice president at Brookfield, said in the statement.
The Banks Group, a family firm based in northeast England, was advised by Rothschild & Co. and Ashurst during the transaction.
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