On October 3, 2023, Brookfield Asset Management (BN.TO) acquired the renewable energy division of UK-based Banks Group for approximately $1 billion USD, which was equivalent to about $1.32 billion CAD at the time of the transaction. The Financial Times reported the deal value, though the official statement from Banks Group did not disclose financial details. A Brookfield spokesperson also declined to comment on the transaction specifics.

Banks Renewables, the division being acquired, operated 11 onshore wind farms across Scotland and northern England, with additional solar and wind projects in development. The wind energy sector in the UK and Europe had recently faced challenges due to supply chain disruptions, rising project costs, and inflation. A 2015 UK government policy effectively banned new onshore wind farms, allowing local authorities to halt projects based on single objections, significantly slowing new developments.

However, recent government measures announced last month aimed to streamline planning rules, requiring councils to consider the views of the entire community rather than just individual objectors.

In a related context, Brookfield, in partnership with French lender Société Générale (SOGN.PA), had announced in September the creation of a private debt fund with an initial seed funding of 2.5 billion euros ($2.62 billion USD). This fund was intended to support investments in the power, transportation, and finance sectors, among others.