US-based renewable energy asset developer National Grid has confirmed the sale of its National Grid Renewables business to Brookfield Asset Management and its institutional partners, including Brookfield Renewable Partners.
The deal values National Grid Renewables at an enterprise value of $1.73bn, with the final cash consideration subject to standard completion adjustments.
Go deeper with GlobalData
With this sale, the energy company intends to focus on its core network operations and streamline the company’s portfolio.
The deal marks an “important step” for National Grid, aligning with the strategy outlined in May 2024 to prioritise networks.
The completion of the sale is contingent upon obtaining the necessary consent and regulatory approvals.
National Grid anticipates finalising the transaction in the first half of the fiscal year ending 31 March 2026, pending these clearances.
National Grid Renewables is known for developing, constructing, owning, and operating utility-scale solar, onshore wind, and battery storage assets across the US.
The company currently has 1.8GW of operational assets and an additional 1.3GW under construction.
Last month, National Grid Renewables launched its Fillmore County and Louise Solar projects in southern Minnesota.
The two solar projects, located in the Midcontinent Independent System Operator (MISO) market, together generate 95MW of clean energy.
The Fillmore and Louise projects were constructed by Berry Construction Company, employing 300 workers during the construction phase.
In May 2024, National Grid unveiled a £60bn ($76.3bn) investment plan designed to transform its networks by 2028.
The move aimed for an annual 10% asset growth, pushing the group’s assets towards £100bn by 2029.
