Brookfield Asset Management agreed to purchase National Grid’s renewable energy business, including its utility-scale solar, onshore wind and battery-storage U.S. assets.
National Grid will sell its U.S. onshore renewables business to Brookfield Asset Management for nearly $1.74 billion.
The sale, which will go to Brookfield Renewable Partners and the Canadian investment firm’s other institutional partners, includes National Grid’s 3.1 GW portfolio of utility-scale solar, onshore wind and battery-storage U.S. assets, of which 1.8 GW are in operation and 1.3 GW are currently under construction. The final cash consideration will be subject to customary competition adjustments.
The divestment is part of National Grid’s strategy to focus on networks and streamline the business, the company said. For Brookfield, however, the investment signals the company’s confident outlook toward renewable energy in the U.S., despite any political uncertainty looming the country.
The sale comes shortly after Brookfield Renewable said it had a strong growth outlook “especially in the United States,” when it reported its fourth quarter and full year results for 2024. Brookfield Renewable generated a record $1.2 billion funds from operations in 2024. The company achieved its record 7 GW of capacity developed and commissioned in 2024, and said it expects to grow to an annual capacity of about 10 GW per year by 2027.
Brookfield currently has about 15 GW of renewable projects in operation and 69 GW of projects in development around the U.S. Last year, Brookfield entered the largest-ever corporate power purchase agreement (PPA) for renewable energy with Microsoft. At 10.5 of capacity, Brookfield’s deal with the tech giant was nearly eight times larger than any other single corporate renewable PPA, the companies said.
National Grid Renewables’ U.S. portfolio that Brookfield will acquire spans across 34 states. Most recently, the company broke ground in January on a 117 MW solar project, the company’s fifth project in Ohio, and a 100 MW project in Wisconsin, which began construction in November.
The transaction is expected to be complete between April and October of this year, National Grid said, pending certain consents and regulatory approvals.
