National Grid is selling its U.S. onshore renewables business to private equity investor Brookfield Asset Management and its institutional partners for $1.74 billion, the London-based utility said Feb. 24. (Source: Shutterstock)
National Grid is selling its U.S. onshore renewables business to private equity investor Brookfield Asset Management and its institutional partners for $1.74 billion, the London-based utility said Feb. 24.
The sale of National Grid Renewables comes as the utility continues efforts to streamline its business and focus on networks. The deal, which is subject to required regulatory approvals and certain consents, is expected to be complete in the first half of financial year ending March 31, 2026.
Minnesota-based National Grid Renewables has more than 1.8 gigawatts (GW) of capacity in operation and another 1.3 GW under construction. The company—which has utility-scale solar, onshore wind and battery storage assets in the U.S.—recently started up more solar projects this year.
In January, the company announced its 45-megawatt (MW) Fillmore County Solar and 50-MW Louise Solar projects began operations in Minnesota. National Grid Renewables also started construction on its fifth solar project, the 117-MW Sycamore Creek, in Ohio where the company has a more than 675-MW portfolio of projects under construction or operating.
The deal with Brookfield is unfolding as National Grid carries out a divestment strategy first announced in May 2024. At the time, National Grid said it planned to sell its U.K. LNG business Grain LNG and National Grid Renewables as part of its five-year financial framework.
Recommended Reading
The New Minerals Frontier Expands Beyond Oil, Gas
2025-04-09 - How to navigate the minerals sector in the era of competition, alternative investments and the AI-powered boom.
Five Point Forms PowerBridge with $1B Commitment to Build Data Centers
2025-05-15 - Five Point Infrastructure has formed PowerBridge LLC with a $1 billion equity commitment to develop and manage gigawatt-scale data centers and associated infrastructure.
Expand Energy Joins EQT in Triple-Investment-Grade Credit-Rating Club
2025-04-16 - The trifecta of endorsements assures Expand Energy, the largest gas producer in the U.S., a seat alongside EQT Corp. at the LNG and AI data center gas-supply negotiating tables.
Dividends Declared Week of April 28
2025-05-04 - With first-quarter 2025 earnings underway, here is a compilation of dividends declared from select upstream, midstream and service and supply companies.
IPAA Seeking New CEO as Eshelman to Take New Role
2025-06-12 - IPAA’s chairman Mike Hillebrand told members in an email that the next CEO would be “a visionary, dynamic leader who understands the unique challenges and opportunities facing our diverse membership.”
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.