North East green energy developer, OnPath Energy, has committed to investing £1bn in renewable infrastructure over the next five years.
The Wearside firm, previously known as Banks Renewables, was snapped up for a hefty sum in 2023 by global asset manager Brookfield, which boasts around $1 trillion of assets under management.
Since the acquisition, OnPath has been amassing a portfolio of onshore wind, solar and energy storage projects, and currently owns and operates 10 onshore wind farms across Scotland and northern England. It also has plans to kickstart the construction of several projects across the UK this year.
The company has now revealed ambitious plans to pump approximately £1bn into clean energy projects across the UK over the next five years – a move that would also generate hundreds of skilled jobs. This announcement coincided with the official opening of the company’s new Sunderland headquarters by Secretary of State for Education, Bridget Phillipson.
The MP for Houghton and Sunderland South visited Chase House on Rainton Bridge Business Park, located within her constituency, to learn more about OnPath’s contributions towards the Government’s net zero and skills development agendas, as well as its future ambitions. Over the past year, OnPath has created more than 30 jobs, with more expected to follow in 2025.
Richard Dunkley, CEO at OnPath Energy, has announced substantial investment plans and a strong commitment to the green transition in the UK. “The new Government has been very firm in its commitment to accelerating the transition to net zero. We will be contributing towards reaching this destination by aiming to invest around one billion pounds in building more of the renewables infrastructure the UK needs over the next five years, a plan which will in turn create and support hundreds of skilled, sustainable green jobs across the UK, including within the North East.”, reports Business Live.
He further outlined the focus on community involvement, saying: “Alongside this, we are working to bring communities with us on the energy transition by creating industry-leading commitments on community benefits and community shared ownership. We will achieve this by developing people, giving them the skills required to underpin the sector’s future success, and by operating in genuine partnership with stakeholders and the communities in which we’re working; we describe this as the OnPath Together approach to development.
“OnPath has ambitious plans to make further long-term capital investment in this high-quality renewable energy infrastructure, amplifying the difference we can make to a net zero future for the UK that will help to lower consumer bills, improve the UK’s energy security and deliver a just transition that is fair and inclusive for everyone.”
“We’re very grateful to the minister for taking the time to officially open our new headquarters and look forward to contributing to her government’s drive towards the successful attainment of its environmental, energy and skills development goals.”
Ms Phillipson said: “I’d like to welcome OnPath Energy to Houghton and Sunderland South, the opening of their new headquarters will be welcome news for local people. Clean power will unlock billions of pounds in investment and reindustrialise Britain with thousands of skilled jobs across the country. Through our Plan for Change, this Labour government will build an energy system that can bring down bills for households and businesses for good.”
Sebastian Perl, senior vice president at Brookfield, said: “We were delighted to invest into OnPath Energy in 2023 and the outlook for onshore renewables in the UK has continued to improve since then. We will continue to support the company to invest in critical energy infrastructure as the UK aims to fully decarbonise its electricity grid.”
Bridget Phillipson MP cutting the ribbon to officially opening OnPath Energy’s headquarters in Sunderland, with (from left) OnPath Energy CFO Simon Fisher, Simon Maine of Brookfield Asset Management and OnPath Energy CEO Richard Dunkley
(Image: OnPath Energy)