Wind farm firm's profits power up

WIND farm developer OnPath Energy has revealed huge rises in turnover and profits despite lower wind speeds and power prices.

- TOM KEIGHLEY Reporter

The Wearside-based firm, which was previously Banks Renewables and was acquired in a multi-million-pound deal two years ago by Brookfield Asset Management, saw turnover climb to £95.6m in the extended 15-month period to the end of 2024, up from £50.2m in the 12 months to the end of September 2023. Operating profits over the same period grew to £69.4m, from £20.7m.

The results published to Companies House include earnings from the sale of OnPath's shares in the 67MW Kype Muir Extension Wind Farm in Scotland, which it built, to Schroders Greencoat LLP.

Earlier this year the firm announced its ambition to invest about £1bn in UK clean energy projects over the next five years.

OnPath has been spurred by the Labour Government's opening up of onshore wind developments in England, and is now looking at sites across the country, as well as projects in Scotland and Wales.