National Grid sells U.S. renewables business to Brookfield

LONDON: National Grid plc announced today that it has reached an agreement to sell its National Grid Renewables U.S. onshore renewables business to Brookfield Asset Management and its institutional partners, including Brookfield Renewable Partners.

The terms of the transaction imply an enterprise value for National Grid Renewables of $1.735 billion, with the final cash consideration subject to customary completion adjustments. National Grid expects the transaction, pending regulatory approvals and consents, to be completed in the first half of the financial year ending March 31, 2026.

This strategic divestiture is part of National Grid’s ongoing efforts to streamline its operations and focus on its core networks business, as outlined in the company’s strategy announced in May 2024.

National Grid Renewables develops, constructs, owns, and operates utility-scale solar, onshore wind, and battery storage assets across the United States. The company currently has 1.8GW in operation and 1.3GW under construction.

National Grid plc operates at the heart of the energy system, delivering gas and electricity to millions of customers in the UK and the US. The company is pioneering efforts to decarbonize the energy sector, including The Great Grid Upgrade in the UK and the Upstate Upgrade in New York.

As one of the world’s largest investor-owned energy companies, National Grid is committed to driving a clean, fair, and affordable energy future and is one of the FTSE’s largest investors in the energy transition.