National Grid sells US renewables arm in networks pivot
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Utility giant National Grid has sold its Renewables US onshore renewables business to Brookfield Asset Management and its partners as part of its strategy to focus on the power network.
The deal is valued at $1.735 billion, with the final cash consideration subject to customary completion adjustments.
According to National Grid, the sale aligns with its strategy to focus on networks and streamline its business activities accordingly.
National Grid expects that the transaction will be complete in the first half of 2026.
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National Grid Renewables develops, constructs, owns, and operates utility-scale, solar, onshore wind and battery storage assets in the United States of America, with 1.8GW in operation and 1.3GW under construction.
National Grid’s consolidated move into networks was announced in May 2024, with the company detailing investment plans of £66 billion ($76.5 billion at the time) over five years into its power networks, both in the UK and the US.
Sixty percent of the investment in the US was planned for the electricity networks, as the company has been looking to step up investment for renewable connections, transmission network upgrades and digital capabilities to enable the energy transition.
Brookfield operates across five continents, managing a portfolio including hydro, wind, solar, distributed energy, storage and sustainable solutions.
The asset managers currently operate almost 34,000MW of generating capacity.
