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.
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