British energy giant National Grid has reached a deal to sell National Grid Renewables in the US to Canadian investment firm Brookfield Asset Management for $1.74 billion.
Minneapolis-based National Grid Renewables develops, constructs, owns, and operates utility-scale solar, onshore wind, and battery storage assets in 34 states, with 1.8 gigawatts (GW) in operation and 1.3 GW under construction.
National Grid said in its announcement that the sale is another step in its “previously communicated strategy to focus on networks and streamline our business, as announced in May 2024.” It’s the UK’s grid operator, and it wants to raise £6.8 billion to improve that network. (National Grid also operates parts of the grid in Massachusetts and New York State.)
The company expects the sale of National Grid Renewables to be completed in the first half of the financial year ending March 31, 2026.
Brookfield operates around 15 GW of renewables in the US and has 69 GW of projects in development. It operates in the solar, wind, and hydroelectric industries. The company said earlier this month, when it announced its fourth quarter and full-year results for 2024, that it was “more confident than ever on the growth prospects of the business, particularly in the US.”
National Grid joins other large energy companies such as Shell, Equinor, and Duke Energy, which are shifting their strategies away from renewables, citing reduced profitability.
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