Brookfield grabs renewable energy company in over £800m deal

EnergyNews

Canadian investment firm Brookfield is buying UK’s largest renewable developers Bank Renewables in a £824 million ($1 billion) deal.

As reported by the Financial Times, the deal could increase the confidence investors at a time where wind developers are abandoning or delaying plans due to increasing costs and taxes.

Brookfield vice-president Sebastian Pearl said he thought there was “generally a very positive outlook” for renewables in the UK.

“We have a long-term view as a long-term investor,” he said. “There might be some challenges along the road but you have that with every market, every business. It hasn’t changed our view on the market or the investment environment in the UK.”


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“The UK is a high-quality location for renewable energy development and we are delighted to have made a further commitment to this market,” said Pearl as reported by the Times.

“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,” he added.

Bank Renewables founder and chairman 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.”

EnergyNews

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