TORONTO — Brookfield Asset Management and its institutional partners have signed a deal to buy National Grid Renewables.
The deal values the U.S. onshore renewable power business of National Grid plc. at US$1.74 billion.
National Grid says the deal is an important step in its plan to focus on networks and streamline its business.
National Grid Renewables builds, owns, and operates utility-scale, solar, onshore wind and battery storage projects in the United States.
It has 1.8 gigawatts in operation and 1.3 gigawatts under construction.
National Grid expects the deal will close in the first half of the financial year ending March 31, 2026.
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