Banks Renewables is being acquired by PD Ports owner Brookfield
Founded in 1976, Banks Group launched its renewable energy business in 2006 and has grown to become one of the UK’s leading independent owners/operators of onshore wind turbines.
The company currently has 11 onshore wind farms across Yorkshire, the North East, the North West and Scotland and earlier this year completed construction of its 100th wind turbine as part of the development of the new Kype Extension wind farm in South Lanarkshire. which is scheduled to go into operation in the near future.
Banks Group’s other businesses, including Banks Property, Banks Homes, Banks Mining, Banks Transport and Banks Plant Solutions, will continue to operate as usual.
Banks Group founder and chairman, Harry Banks OBE DL, said: “I believe that Brookfield’s established position in the renewable energy industry and the strong cultural fit between both companies will make this acquisition a great deal for all stakeholders will be an advantage.”
“Brookfield’s greater resources will enable the broader development of the opportunities offered by Banks Renewables. It will be good for Banks Renewables employees and their career prospects, and it will be good for Brookfield because they are acquiring a renewable energy company with a proven track record and the ability to grow the business.
“This is also good news for other Banks Group companies and their employees, who will continue to develop our existing businesses in land, property, mining and in the development of our new regional housebuilding business, Banks Homes.”
Sebastian Perl, vice president at Brookfield, added: “The UK is a high-quality location for renewable energy development and we are pleased to be further committed to this market.”
“We have a track record as long-standing owners of renewable energy companies around the world and see great potential to continue the great work that Banks Renewables has already done.”
The changes mean a Green Energy Banks project in South Yorkshire, which includes one of the largest battery storage systems in the world, will also go under new ownership.
Banks Group last year launched plans to create a new flexible energy storage center by redeveloping and redeveloping part of the former Thorpe Marsh power station site near Doncaster.
After gathering feedback on the project plans from local people and businesses through a series of consultation activities, Banks submitted a planning application for the project to Doncaster Metropolitan Borough Council earlier this year.
However, as part of its evolving position in the renewable energy sector, the company has sold the project to independent power producer West Burton Energy, which already operates the West Burton power station and battery storage system in Nottinghamshire.
West Burton Energy will now guide the project through the planning process, construction and commissioning.
The Thorpe Marsh Green Energy battery storage project could store up to 2.9 GWh of energy, enough to power around 340,000 homes for a day, and would serve to ensure reliable and stable operation of the electricity grid during peak demand periods, helping to achieve this Improving the UK’s long-term energy security.
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Richard Dunkley of The Banks Group comments: “We are proud to have identified and proposed a project that could create one of the largest battery storage plants in the world, providing an invaluable benefit to part of the derelict former power station.”
“Thorpe Marsh will use the site’s large grid capacity to facilitate the increased deployment of renewable energy technologies across the National Grid network, so more of the energy we all use in our homes, businesses, schools and hospitals can be generated through us.” own renewable energies and less from unreliable sources abroad.
