Banks Renewables, formerly under the banner of British property developer The Banks Group, is set to unveil its new identity as OnPath Energy, signaling a significant shift following its acquisition by Canada's Brookfield Asset Management. The transition, announced on Wednesday, underscores Brookfield's strategic move into the renewable energy sector.
Maintaining its base in North East England, OnPath Energy will continue to be helmed by its current management team. The acquisition, completed in December 2023, saw Brookfield's Global Transition Fund take over Banks Renewables in a deal reportedly worth close to USD 1 billion (EUR 928.6m).
With 11 operational wind farms in Scotland and northern England boasting a combined capacity exceeding 250 MW, alongside over 4 GW of renewable energy projects in development, OnPath Energy is poised for expansion. Over the next year, the company anticipates commencing construction on new wind, solar, and energy storage facilities within the United Kingdom.
Richard Dunkley, Managing Director at OnPath Energy, expressed enthusiasm for the company's growth prospects, noting a readiness to diversify projects and technologies while expanding geographically. This rebranding marks a pivotal moment in OnPath Energy's evolution, as it charts a course for further advancement in the renewable energy landscape.
