National Grid, one of the largest investor-owned energy companies in the world, has agreed to sell its U.S. onshore renewables business to Brookfield Asset Management and its institutional partners, including Brookfield Renewable Partners.
The terms of the transaction imply a $1.735 billion enterprise value for the business, National Grid Renewables.
National Grid Renewables, develops, constructs, owns and operates utility-scale solar, onshore wind and battery storage assets in the United States, with 1.8 gigawatts in operation and 1.3 gigawatts under construction.
National Grid said this transaction is another important step in delivering its strategy to focus on networks and streamline its business.
Following certain consents and regulatory approvals, National Grid expects the transaction to be complete in the first half of the financial year ending March 31, 2026.
