The scale of Canadian investor Brookfield Corporation's takeover of North East-based Banks Renewables has been revealed at nearly half a billion pounds.
The deal, completed in December last year, saw the multinational investment group take control of the Durham-based wind farm specialist in a £490m acquisition, new documents show. The deal is part of a plan to build OnPath into the 海角视频's leading land-based renewable energy developer using Brookfield's financial muscle.
New accounts for OnPath Energy Limited, the company that was formerly Banks Renewables, show it boosted turnover to £3.5m in the year to the end of September 2023, from £1.7m the year before. Meanwhile operating losses widened from £3.9m to £4.8m and pre-tax profits fell from £6.09m to £1.17m.
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OnPath owns and operates 11 onshore wind farms across Scotland and northern England including two in its native North East, the Moor House Wind Farm near Darlington and the Lambs Hill Wind Farm to the north west of Stockton. During the same period the portfolio of wind farms produced 528,000 MWh of power, enough to meet the needs of around 195,000 homes - or a city around one and a half times the size of Newcastle, according to the company.
A further potential 500MW of capacity is within projects the firm has under development. Those schemes are expected to start operating at different stages over the next few years and work in progress stocks were reported in the accounts at £8.2m, up from £6.8m in 2022.
Earlier this month OnPath announced it had submitted plans for a £130m flexible energy battery storage park in West Lothian. If successful, the three hectare, 200MW site could meet the peak electricity demands of around 240,000 homes for two hours, or the average requirements of around 600,000 homes for the same period. The firm has touted the project as supportive of Scotland’s 2045 net zero goals and a boost for local businesses who will be given priority in tendering for work on the site.
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In April OnPath revealed the Chase House development on Rainton Bridge Business Park as the site of its new headquarters. The two-storey building gives the 38-strong team more than 13,200 sq ft of high-quality office space and comes in addition to its Hamilton base in South Lanarkshire.
Simon Fisher, chief financial officer at OnPath Energy, said: “Having officially rebranded as OnPath Energy earlier this year, and with our
move into our new headquarters at Rainton Bridge Business Park about to take place, this is a very exciting time for our business and our expert team.
"Our long-term aim is to grow the portfolio and expand our geographical footprint while we strive to deliver a range of high-quality projects that will contribute to both the 海角视频’s journey towards net zero and its essential domestic supplies of secure, affordable renewable energy. We are building an enhanced portfolio of onshore wind, solar and energy storage projects, and expect to commence the construction of several projects across the 海角视频 within the next 12 months, with further project proposals set to come into the public domain over the same period.
"Becoming a Brookfield portfolio company is providing us with access to capital, global relationships for procurement and power marketing, as well as 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, which is helping many of our projects take significant steps forward towards becoming a reality.”
OnPath has previously said its wind farms also delivered combined revenues of over £800,000 during the year for community benefits funds which provide financial support for local projects being undertaken by groups and good causes in the communities surrounding the sites.