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Highlights
- National Grid agrees to sell its US onshore renewables business to Brookfield Asset Management and partners.
- The deal, valued at $1.735 billion, aligns with National Grid’s strategy to streamline its business.
- Completion is expected in the first half of the financial year ending March 2026, subject to regulatory approvals.
National Grid plc (LSE:NG) has announced the sale of its US onshore renewables business, National Grid Renewables, to Brookfield Asset Management and its institutional partners, including Brookfield Renewable Partners. The transaction, valued at approximately $1.735 billion, marks a significant step in National Grid’s strategic focus on energy networks and business streamlining, as outlined in its May 2024 announcement.
The deal reflects National Grid’s commitment to optimizing its portfolio and prioritizing core operations. The final cash consideration is subject to customary adjustments, with completion contingent on receiving regulatory approvals and consents. If all clearances are secured, National Grid anticipates the transaction to be finalized in the first half of the financial year ending March 31, 2026.
Strategic Shift in Energy Focus
National Grid Renewables has been a key player in the renewable energy landscape, specializing in the development, construction, ownership, and operation of large-scale solar, onshore wind, and battery storage assets across the United States. With 1.8GW of operational capacity and 1.3GW under construction, the company has played a vital role in expanding clean energy solutions.
The sale aligns with National Grid’s broader vision of focusing on critical energy networks while ensuring efficiency and reliability in energy supply. As a major operator in both the UK and the US, National Grid remains committed to driving energy transformation through innovation and infrastructure investments.
Brookfield Strengthens Its Renewable Portfolio
For Brookfield Asset Management and its partners, this acquisition strengthens their already expansive renewable energy portfolio. Brookfield Renewable Partners, a leading global investor in clean energy, continues to expand its footprint in the renewables sector. By acquiring National Grid Renewables, Brookfield enhances its capabilities in wind, solar, and battery storage, further supporting the global transition to sustainable energy.
