National Grid has announced it has reached an agreement to sell its US-based onshore renewables division, National Grid Renewables, to Brookfield Asset Management and its institutional partners, including Brookfield Renewable Partners.
The deal, which carries an enterprise value of $1.735 billion, marks a significant step in National Grid's ongoing strategy to refocus its operations on core networks and streamline its business. The move aligns with the company's previously communicated goals, announced in May 2024.
“This sale is an important step in delivering our strategy to focus on our core networks business,” said National Grid in a statement.
The sale includes National Grid Renewables' portfolio of utility-scale solar, onshore wind, and battery storage assets in the United States. With 1.8 gigawatts (GW) currently in operation and an additional 1.3 GW under construction, the division has established itself as a key player in the renewable energy sector.
The transaction is still subject to regulatory approvals and customary completion adjustments. National Grid expects to finalize the sale in the first half of its financial year, which ends March 31, 2026, provided all necessary consents are received.
This deal forms part of National Grid's broader effort to streamline its operations and focus on areas that drive long-term growth.
