National Grid to Sell U.S. Onshore Renewables Business to Brookfield Asset Management for $1.7 Billion

National Grid has agreed to sell its National Grid Renewables US onshore renewables business to Brookfield Asset Management and its institutional partners including Brookfield Renewable Partners.

The terms of the transaction involve an enterprise value for National Grid Renewables of $1.735 billion. The transaction is an important step in delivering National Grid's previously communicated strategy to focus on networks and streamline its business, as announced in May 2024.

While the final cash consideration will be subject to customary completion adjustments, closure of the transaction will be dependent on certain consents and regulatory approvals. National Grid expects the transaction to be completed in the first half of the financial year ending March 31, 2026.