The British grid utility National Grid Group has sold its National Grid Renewables US onshore renewables business Brookfield Asset Management and its institutional partners including Brookfield Renewable Partners, valuing the company at US$1.7bn. The final value of the deal is still subject to customary completion adjustments, while the completion of the transaction is subject to relevant regulatory approvals, with a scheduled completion before 31 March 2026.
National Grid Renewables develops, constructs, owns, and operates utility-scale, solar, onshore wind and battery storage assets in the United States, with 1.8 GW in operation and 1.3 GW under construction. The deal aligns with National Grid’s strategic plan to focus on its networks and streamline business.
Brookfield recently acquired the French renewable company Neoen, with its 2.3 GW/5.3 GWh global portfolio of projects in operation or under development. In 2023, Brookfield had acquired Duke Energy’s utility-scale renewables business in the US, including more than 3.4 GW of utility-scale solar, wind and battery storage projects.