Leading UK renewable energy developer Banks Renewables is rebranding as OnPath Energy following the completion of its acquisition by Brookfield Asset Management (“Brookfield”).
The South Lanarkshire-based firm was acquired by the Brookfield Global Transition Fund in a transaction that was announced in October 2023 and completed in December 2023.
OnPath Energy has more than 4 GW of renewable capacity in its pipeline, including 11 operational onshore wind farms across Scotland and northern England, and is already established as one of the leading owner/operators in the UK onshore renewable energy sector.
It expects to commence the construction of wind, solar and storage projects across the UK within the next 12 months as well as continue to bring forward and identify a wide range of new projects all of which will be important in helping to decarbonize the UK power sector.
The new business, which will be led by the existing management team, will build on its trusted market position and aims to become the UK’s leading land-based renewable energy developer by building an enhanced portfolio of onshore wind, solar and energy storage projects.
Its headquarters will remain in North East England, with a further office in Hamilton in South Lanarkshire, and a number of new jobs are expected to be created as the business grows.
Richard Dunkley, managing director at OnPath Energy, says: “We have achieved a huge amount over the last two decades and now we are ready to take the next step in our growth journey.
“The OnPath Energy name captures the journey towards Net Zero that we’re taking together with our customers, business partners, landowners and local communities, and shows our ambition to make a substantial contribution towards creating a just transition to Net Zero that is fair and inclusive for everyone.
“Our success to date has been achieved through creating and maintaining long term and valued relationships with all our stakeholders and conducting ourselves with professionalism and integrity in all that we do. Our culture and approach to development was a key reason Brookfield acquired Banks Renewables, and this will continue to be at the core of OnPath Energy.
“We will grow in terms of our diversity of projects and technologies, and also geographically, and will deliver a range of high-quality projects that will contribute to both the UK’s journey towards net zero and its essential domestic supplies of secure, affordable renewable energy.
“Brookfield provides access to capital, global relationships for procurement and power marketing and a decades-long track record in renewables that will greatly enhance our business.
We are already seeing the benefits to our business from their ownership, helping many of our projects take significant steps closer to becoming a reality.”
Brookfield is one of the world’s largest owners and operators of renewable power plants, with approximately 33 GW of operating capacity worldwide, equivalent to the UK’s onshore wind, offshore wind and hydroelectricity capacity.
