News: Rotherham wind farm sold
OnPath Energy, a long-standing developer of renewable energy plants operating in the uK, has sold a number of its wind farms, including one in Rotherham.
Italian company, ERG has snapped up seven onshore wind farms in accross the country in a deal which has an enterprise value of £112.9m.
A development of six 132m turbines at Penny Hill Farm in Ulley in Rotherham was part of the deal. The operators, The Banks Group, secured planning permission for the 20MW capacity site in December 2010 and an extension was later secured allowing operations to continue until 2053.
In 2023, Brookfield, a leading global asset manager with $850bn of assets under management, acquired Banks Renewables and its wind farms. THe company was renamed OnPath Energy.
ERG operates around 4,000 MW globally and, following this transaction, 412MW of installed wind capacity in the UK with a growing portfolio of wind and solar energy projects across nine European countries and in the United States.
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Richard Dunkley, CEO at OnPath Energy, says: “The sale of these seven wind farms was a core part of the business plan that was developed when Brookfield acquired OnPath in 2023, and we are very pleased to have now completed this transaction with such a well-regarded counterparty.
“Acquisitions and divestments are a critical part of our growth strategy, where proceeds from selling mature assets can be used to develop and acquire pipeline with potential for value creation leveraging our team’s deep renewables expertise.
“We will now be bringing forward a range of new proposals for onshore wind farms across Great Britain over the next 12 months that will build on our existing plans to invest around one billion pounds in total in clean energy projects by 2030.”
OnPath Energy said that it will continue to manage Penny Hill Wind Farm on behalf of ERG while the £22,900 annual community benefit fund will be maintained under their new ownership over the project’s lifetime.
OnPath is currently constructing a £60m, 49MW project called Common Farm Solar Park on green belt land to the west of the Todwick Road Industrial Estate in Dinnington.
OnPath Energy website
ERG website
Images: OnPath Energy
Italian company, ERG has snapped up seven onshore wind farms in accross the country in a deal which has an enterprise value of £112.9m.
A development of six 132m turbines at Penny Hill Farm in Ulley in Rotherham was part of the deal. The operators, The Banks Group, secured planning permission for the 20MW capacity site in December 2010 and an extension was later secured allowing operations to continue until 2053.
In 2023, Brookfield, a leading global asset manager with $850bn of assets under management, acquired Banks Renewables and its wind farms. THe company was renamed OnPath Energy.
ERG operates around 4,000 MW globally and, following this transaction, 412MW of installed wind capacity in the UK with a growing portfolio of wind and solar energy projects across nine European countries and in the United States.
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Richard Dunkley, CEO at OnPath Energy, says: “The sale of these seven wind farms was a core part of the business plan that was developed when Brookfield acquired OnPath in 2023, and we are very pleased to have now completed this transaction with such a well-regarded counterparty.
“Acquisitions and divestments are a critical part of our growth strategy, where proceeds from selling mature assets can be used to develop and acquire pipeline with potential for value creation leveraging our team’s deep renewables expertise.
“We will now be bringing forward a range of new proposals for onshore wind farms across Great Britain over the next 12 months that will build on our existing plans to invest around one billion pounds in total in clean energy projects by 2030.”
OnPath Energy said that it will continue to manage Penny Hill Wind Farm on behalf of ERG while the £22,900 annual community benefit fund will be maintained under their new ownership over the project’s lifetime.
OnPath is currently constructing a £60m, 49MW project called Common Farm Solar Park on green belt land to the west of the Todwick Road Industrial Estate in Dinnington.
OnPath Energy website
ERG website
Images: OnPath Energy
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