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Brookfield buys U.K. wind farms for almost $1 billion

Illustration: Victoria Ellis/Axios

Asset manager Brookfield is buying the U.K. clean energy unit of Banks Group for almost $1 billion.

Why it matters: While record amounts of clean energy projects are being deployed globally, U.K. wind farms have faced rising costs and onerous planning restrictions.

Details: The deal for Banks Renewables, based in Durham, England, is worth "almost a billion," The Financial Times reports, citing people with knowledge of the details.

  • The clean energy unit owns 11 operating onshore wind farms across Northern England and Scotland, as well as solar, wind and battery projects in development.
  • Canadian Brookfield has $850 billion of assets under management and already owns some U.K. wind farms, as well as investments in other U.K. clean energy assets.
  • The deal is supposed to be completed by the end of November.

Big picture: The past year has been challenging for onshore wind development, both in the U.K. and globally.

  • The sector has faced rising costs, supply chain issues and government-led growth restrictions. Onshore wind project investments actually declined 8% globally in the first half of 2023, according to Bloomberg New Energy Finance.
  • But the U.K. government last month removed constraints on onshore wind development in England.
  • Global deployments of clean energy continues to set records, and the U.K. government is supporting decarbonizing grid electricity by 2035.

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