Renewables Developer OnPath Energy Sells Onshore Windfarms
North East renewables developer OnPath Energy has sealed a £112.9m deal to sell off seven onshore wind farms. The Sunderland company has sold the windfarms – all of which are in England – have been sold to ERG, one of Europe’s leading independent renewable energy producers.
The firm said it is now moving into the next stage of its growth strategy after completing the sale of the project portfolio, pointing to how it aims to invest around £1bn into 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 now exploring a range of potential new developments locations across England, Scotland and Wales.
Business Live is reporting that the Renewable Obligation Certificates (ROCs) English wind farms which have been sold include Armistead Wind Farm, Heysham South Wind Farm, Lambs Hill Wind Farm , Hook Moor Wind Farm, Marr Wind Farm, Penny Hill Wind Farm and Hazlehead Wind Farm. OnPath Energy will continue to manage the sites on behalf of ERG and the community benefits packages linked to each site will be maintained over each project’s lifetime.
The Sunderland firm is owned by global investment giant, Brookfield Asset Management, which has over 48,000 megawatts of operating capacity worldwide. Meanwhile, with its headquarters in Italy and listed in Milan, ERG operates around 4,000 MW around the world 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 US.
Richard Dunkley, CEO 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 including two sites in England – Moor House Wind Farm near Darlington and Milton Keynes Wind Farm in Buckinghamshire. It has three operational sites in Scotland with a fourth – the Mill Rig Wind Farm at Darvel – to be fully operational in the first half of this year.