Brookfield Renewable, one of the world's largest owners and operators of renewable power and climate-transition assets, will acquire Duke Energy’s unregulated utility-scale commercial renewables business at an enterprise value of $2.8 billion.
The commercial renewables business platform deal includes more than 3,400 megawatts of utility-scale solar, wind and battery storage across the United States, net of joint venture partners ownership, in addition to operations, new project development and current projects under construction.
Duke Energy will use the proceeds of the sale, which are expected to be roughly $1.1 billion, to strengthen its balance sheet and avoid additional holding company debt issuances. This will allow the company to focus on the growth of its regulated businesses, including investments to enhance grid reliability and help incorporate more than 30,000 megawatts of regulated renewable energy into its system by 2035.
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