November 6, 2024
Investment

Mark Carney’s investment group makes £1.8bn bet on UK offshore wind


Mads Nipper, group President and chief executive of Ørsted, said: “We’re pleased to welcome Brookfield, a leading renewable energy investor with proven investment and operational expertise, as a partner in four UK offshore wind farms in one of Ørsted’s core strategic markets.

“Today’s transaction is an important milestone in the farm-down programme as part of our business plan, supporting our significant re-investment in new assets.”

Brookfield’s other UK holdings include Checkatrade, the online trade directory connecting homeowners with tradespeople such as plumbers and electricians.

It also has a 25pc stake in First Hydro, which runs the pumped hydro storage system at Dinorwig in Snowdonia. Water is pumped uphill to a reservoir in the Welsh mountains during times of low electricity demand and then released to spin electrical turbines when demand surges.

It also has stakes in Westinghouse, a global nuclear business that owns the Springfields site in Lancashire, the UK’s only nuclear fuels manufacturing centre.

Brookfield’s backing of Britain comes as Mr Carney helps the new administration to attract international investment.

The former Bank governor made a star appearance in a video shown at Labour’s 2023 conference praising Ms Reeves, then the shadow chancellor, and subsequently advised her on setting up a National Wealth Fund.

More controversially, it recently emerged that he had used his connections to lobby ministers to relax rules on heat pump subsidies to the potential benefit of Homeserve, a heating and plumbing company also owned by Brookfield.

Brookfield has said Mr Carney did not raise the issue in meetings where he was representing the company.



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