OnPath Energy ‘well set’ to expand operations

A Sunderland-headquartered renewables firm says it is poised for growth after reporting a “very encouraging” set of results.

OnPath Energy, a developer of onshore wind and solar projects, reported a £69.4 million operating profit in its latest accounts, up from £20.8 million the previous year. 

Turnover rose to £95.7 million for the 15-month period to the end of 2024, boosted by the sale of shares in the Kype Muir Extension Wind Farm.

Bosses at OnePath, which was acquired by Brookfield Asset Management in December 2023, say they plan to invest around £1 billion in clean energy projects across the UK over the next five years, targeting new developments in England, Scotland and Wales following the Government’s removal of restrictions on onshore wind farms.

Richard Dunkley, chief executive at OnPath Energy, said: “Having the world’s largest dedicated transition investor as an owner presents a wide range of new opportunities around access to capital, global procurement relationships and PPA markets which will be central to our future development.

“The changing policy landscape and the Government’s commitment to making Britain a clean energy superpower opens the way for us to contribute significantly to meeting its ambition of doubling onshore wind and tripling solar power by 2030.

“We welcome the Government’s recent announcement to reform the national electricity market rather than move to a zonal system, which is good news for British consumers and gives us the best chance of delivering Clean Power 2030 by supporting investment in low-cost renewable electricity.

“New onshore wind farms will help to create jobs, improve security of energy supply and help reduce consumer electricity bills, while they will also deliver significant, tangible benefits to the communities in which they’re based, as our existing onshore wind farms have been consistently doing for many years.”

Over the past 18 months, OnPath Energy has also added more than 30 jobs, with further recruitment planned, including graduate trainees. 

Its operational portfolio now includes 12 wind farms and ongoing projects such as the six-turbine Mill Rig Wind Farm, alongside its first solar parks near Leeds and Sheffield.

With an overall generation capacity of 252MW and a development pipeline of 3GW, OnPath Energy’s wind farms supplied enough electricity in 2024 to power more than 192,000 homes, the equivalent of a city almost twice the size of Newcastle, cutting carbon emissions equivalent to over 91,000 petrol cars. 

Simon Fisher, chief financial officer at OnPath Energy, added: “We have delivered a very encouraging set of results despite UK power prices being lower than the previous period and are well set to build on them in the coming years.

“We are making significant investments in high-quality renewable energy infrastructure as we grow in terms of our diversity of projects and technologies, as well as geographically, and have a clear strategy in place for how we will achieve our growth ambitions.

“We are continuing to develop our portfolio of wind farm assets and other technologies, thereby creating sustainable profits in future years, while also seeking value from the recycling of capital as market opportunities arise to optimise that portfolio.”

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