National Grid has agreed to sell its National Grid Renewables US onshore renewables business to Brookfield.
The sale is to Brookfield Asset Management and its institutional partners including Brookfield Renewable Partners.
The transaction is an “important step” in delivering National Grid’s previously communicated strategy to focus on networks and streamline the business, as announced in May 2024.
The terms of the transaction imply an enterprise value for National Grid Renewables of $1.735bn.
The final cash consideration will be subject to customary completion adjustments.
Completion of the transaction will be subject to certain consents and regulatory approvals.
Subject to these clearances, National Grid expects that the transaction will complete in the first half of the financial year ending 31 March 2026.
National Grid Renewables develops, constructs, owns, and operates utility-scale, solar, onshore wind and battery storage assets in the US, with 1.8GW in operation and 1.3GW under construction.