06:37 AM EDT, 10/30/2024 (MT Newswires) -- Brookfield bought a 1.75 billion pounds (US$2.3 billion) stake in four offshore wind farms from Orsted A/S in one of the biggest deals for the sector this year, Bloomberg is reporting.

According to the report, the deal marks a significant expansion into offshore wind for Brookfield, one of the biggest global investors in the energy transition. It's also the asset manager's first investment in the sector in the UK. It said the announcement of a major investment in a sector that's critical to Britain's growth will give a boost to Chancellor Rachel Reeves ahead of the budget announcement later Wednesday.

Bloomberg said the sale gives Brookfield a minority share in four of Orsted's operational offshore wind farms in the UK. It comes, the report added, at a critical time for Orsted as the Danish renewable power developer tries to prove to its investors that the market still has an appetite for the embattled offshore wind sector.

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