UK-based National Grid will sell its US onshore renewables business to Brookfield Asset Management
The $1.74 billion deal will see Brookfield acquiring the company with 1.8 GW operational and 1.3 GW under-construction capacity
National Grid Renewables operates in the space of utility-scale solar, onshore wind and battery storage
UK’s publicly listed utility National Grid plc has secured a $1.735 billion deal to sell its US onshore renewable energy business to global investment firm Brookfield Asset Management (BAM) and its institutional partners including Brookfield Renewable Partners.
This is the enterprise value of its US asset National Grid Renewables, which holds 1.8 GW capacity in operation and another 1.3 GW under construction. It develops, constructs, owns and operates utility-scale solar, onshore wind and battery storage assets in the US.
National Grid says this deal is another important step in its strategy to focus on networks and streamline its business. It had announced a divestment strategy in mid-2024. The transaction is due to be completed in H1 of the financial year ending March 31, 2026.
Brookfield recently secured clearance from the French financial markets authority AMF for its Neoen takeover bid (see Europe Solar PV News Snippets: Largest Solar Park In SE Europe Insured & More).