'Billion-pound investment': Sunderland firm sells 7 wind farms in massive £112.9m deal amid growth plans
A Sunderland-headquartered renewables developer has completed the sale of seven English onshore wind farms, enabling it to move into the next stage of its growth strategy.
OnPath Energy sold the portfolio to ERG, one of Europe's leading independent renewable energy producers, for an enterprise value of £112.9m. The proceeds of the transaction will be invested back into its development pipeline.
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The sites are Armistead near Kendal, Heysham South near Lancaster, Lambs Hill near Stockton-on-Tees, Hook Moor near Leeds, Marr near Doncaster, Penny Hill near Rotherham and Hazlehead near Barnsley.
Owned by Brookfield Asset Management, OnPath Energy aims to invest around one billion pounds in clean energy projects across the UK by 2030. The OnPath team will continue to manage the sites on behalf of ERG and the community benefits packages linked to each site will be maintained under their new ownership.
Headquartered in Italy and listed in Milan, ERG operates around 4,000 MW globally.
Richard Dunkley, chief executive at OnPath Energy, said: "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 will continue to own and operate 179 MW of operational onshore wind.