Britain’s National Grid has agreed to sell its US onshore renewables business to Canadian investment firm Brookfield Asset Management for $1.74 billion, including debt.
The sale aligns with National Grid’s strategic shift towards its core energy network business, as it looks to divest its renewables arm and the Grain liquefied natural gas (LNG) terminal in Britain. This move follows the company’s divestment strategy announced last May.
Several major energy companies, including Shell, BP, and Equinor, have begun scaling back investments in renewables and low-carbon businesses due to declining profitability. National Grid’s decision reflects this broader industry trend of refocusing on more profitable energy assets.
The transaction with Brookfield and its institutional partners, including Brookfield Renewable Partners, is expected to be completed in the first half of the financial year ending 31 March 2026, subject to regulatory approvals.
Based in Minneapolis, National Grid Renewables develops and operates solar, onshore wind, and battery storage projects across the United States. The business currently has 1.8 gigawatts of operational capacity and 1.3 gigawatts under construction.
Shares in National Grid rose 1% in early trading following the announcement.
Brookfield Renewable Partners’ US portfolio includes hydropower, wind, solar, and storage facilities across 34 states, making it one of the largest renewable energy operators in North America.
