The Banks Group has said it has sold its UK renewable-energy business to global infrastructure fund manager Brookfield.
Founded in 2006, Banks Renewables owns and operates 11 onshore wind farms in the North of England and Scotland.
Earlier this year, it completed the construction of its 100th wind turbine as part of the development of the new Kype Extension Wind Farm in South Lanarkshire.
Sebastian Perl, vice president at Brookfield, said: “The UK is a high-quality location for renewable-energy development and we are delighted to have made a further commitment to this market.
“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.”
Founder and chairman of the Banks Group, Harry Banks, 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.”
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