Brookfield acquires National Grid’s US renewables business

UK-based National Grid plc has agreed to sell its US onshore renewables business, National Grid Renewables, to Brookfield Asset Management and its partners, including Brookfield Renewable Partners. According to National Grid, the transaction aligns with its May 2024 strategy to focus on networks and streamline operations. The contract is valued at $1.735 billion and is expected to close in the first half of the financial year 2025-26. The agreement's closure depends on regulatory approvals and the final cash consideration is subject to customary completion adjustments. National Grid plc develops and operates solar, onshore wind, and storage assets across the US, managing 1.8 GW of operational capacity and 1.3 GW under construction portfolio.