OnPath Energy is continuing to pursue acquisitions and new onshore wind sites despite a fall in revenue, after below-average wind speeds and lower merchant power prices cut turnover to £73.4 million for the 12 months to the end of 2025.

Operating profit fell to £22.7 million over the period, down from £69.4 million on turnover of £95.7 million in the prior 15-month reporting period.

OnPath Energy is headquartered in Sunderland and was formed from the renewable energy arm of County Durham's Banks Group, now owned by Brookfield Asset Management's Global Transition Fund following a 2023 acquisition; Brookfield operates around 33GW of renewable capacity worldwide. The company's wind farms across the north of England and Scotland had a combined capacity of 252MW at the end of the financial year.

The structural driver is capital recycling, with developers selling operating wind assets to fund new-build pipelines rather than relying solely on external financing. OnPath completed the sale of seven English onshore wind farms to Italy's ERG Group, a Genoa-headquartered, Borsa Italiana-listed renewable energy operator that reported revenue of €752 million and net income of €155 million for 2025, releasing capital to support new UK wind development.

The company acquired Milton Keynes Wind Farm and Pates Hill Wind Farm at the start of 2025 and has since entered an option agreement to acquire a majority stake in three onshore wind farms under development in South Lanarkshire. It said it is exploring further development locations across England, Scotland and Wales and expects to bring forward new English project proposals in the coming months.

Chief financial officer Simon Fisher said onshore wind is "playing an increasingly important role in the UK's long-term energy security strategy" while delivering "significant supply chain investment, UK jobs" and community benefits. He said wind yields were below average in 2025 but the business still "delivered solid commercial returns" while shifting its focus toward developing and building new onshore wind farms.

For the sector, OnPath's asset sale to ERG shows platform developers increasingly using disposals of operating capacity to self-fund growth pipelines rather than treating generation revenue as their primary source of development capital.

Source: business-live.co.uk / insider.co.uk / en.wikipedia.org