British energy company National Grid plc has agreed to sell its US onshore renewables business, National Grid Renewables, to Canadian investment firm Brookfield Asset Management and its partners for $1.7bn.
The final cash consideration will be subject to customary completion adjustments, with the deal expected to close in the first half of the fiscal year ending March 31, 2026, pending consent and regulatory approvals.
National Grid announced its plan to divest the US onshore renewables business in May 2024 as part of its strategy to streamline operations and focus on networks.
National Grid Renewables develops, constructs, owns, and operates utility-scale solar, onshore wind, and battery storage assets in the US. Its portfolio includes 1.8 GW of operational assets and 1.3 GW of projects under construction.
Most recently, the company commissioned two solar parks in Minnesota with a combined capacity of 95 MW.
