Brookfield Acquires Urban Grid In US

• Brookfield Renewable has acquired utility scale solar and storage developer Urban Grid in the US
• The $650 million deal brings to the company's portfolio 13 GW of large scale solar and 7 GW storage pipeline
• Brookfield says it will leverage Urban Grid's operating and commercial capabilities to optimize the value of its development pipeline

North American renewable energy company Brookfield Renewable has taken over utility scale solar and storage projects developer Urban Grid for $650 million, expanding its total US development pipeline to approximately 31 GW.

An independent power producer (IPP), Urban Grid comes to Brookfield with close to 13 GW of utility scale solar and 7 GW of energy storage capacity, including around 2 GW of under construction or ready-to-build (RTB) solar projects and an additional 4 GW of de-risked advanced stage buildout opportunities. Its projects are located in the mid-Atlantic, Midwest and Southeast.

Brookfield Renewable, the flagship listed company of Brookfield Asset Management, says this transaction makes it one of the largest renewable energy developers in the US. Its portfolio of hydroelectric, wind, solar and storage in North America, South America, Europe and Asia total around 21 GW of installed capacity and 56 GW of under development.

It said Virginia based Urban Grid will continue to operate under the same name while allowing Brookfield to leverage its deep operating and commercial capabilities to optimize the value of Urban Grid's development pipeline.