National Grid has announced a strategic divestment of its US onshore renewables business, National Grid Renewables, to Brookfield Asset Management and its partners in a deal valued at $1.735 billion. The sale aligns with National Grid’s May 2024 strategy to streamline operations and concentrate on its core networks business.
The transaction, which values National Grid Renewables at an enterprise value of $1.735 billion, will be finalised subject to customary completion adjustments. The deal encompasses a significant renewable energy portfolio, including 1.8GW of operational assets and 1.3GW under construction across utility-scale solar, onshore wind and battery storage facilities in the United States.
The sale is expected to conclude in the first half of the financial year ending 31 March 2026, pending necessary regulatory approvals and consents. This strategic move represents a significant step in National Grid’s broader initiative to streamline its business operations and sharpen its focus on network infrastructure.
National Grid shares were 1% higher at the time of writing.