Sunderland-headquartered renewables developer OnPath Energy is moving into the next stage of its growth strategy after completing the sale of seven English onshore wind farms.
Executing its plan to invest proceeds from the transaction back into its development pipeline, OnPath has sold the project portfolio to ERG, one of Europe’s leading independent renewable energy producers, for an enterprise value of £112.9m as of 31st December 2024.
OnPath Energy aims to invest around one billion pounds in clean energy projects across the UK by 2030 as part of its drive towards becoming the UK’s leading renewable energy developer.
The firm expects to bring forward several new development proposals in England this year and is exploring a range of potential new developments locations across England, Scotland and Wales.
The OnPath team will continue to manage these sites on behalf of ERG and the community benefits packages linked to each site will be maintained under their new ownership over each project’s lifetime.
OnPath Energy is owned by the world’s largest dedicated transition investor and leading global investment firm, Brookfield Asset Management, which has over 48,000 megawatts of operating capacity worldwide.
Headquartered in Italy and listed in Milan, 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.
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.”
These onshore wind sites, all of which are eligible for the UK’s Renewable Obligation (RO) programme, 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.
OnPath will continue to own and operate 179 MW of operational onshore wind including two sites in England; Moor House Wind Farm near Darlington and Milton Keynes Wind Farm in Buckinghamshire. The firm currently has three operational sites in Scotland and is expecting the Mill Rig Wind Farm at Darvel, to the south of Glasgow, to be fully operational in the first half of this year.
It also has several other projects in Scotland at different stages of the planning process, while it is also currently building its first two solar energy projects in Yorkshire.
For further information on OnPath Energy, please visit www.onpathenergy.com