UK family-owned Banks Renewables has been bought up by Canadian investment giant Brookfield in a deal reportedly worth almost $1bn.

The Banks Group announced today (Monday) that it has agreed to sell its renewables division to Brookfield, which boasts $850bn of assets under management and owns its own green arm, Brookfield Renewable.

The Banks Group was founded in the northern city of Durham in 1976 as a coal mining operation by its chair Harry Banks and his three brothers – Graham, Joe and Bruce.