National Grid has agreed to sell its National Grid Renewables US onshore renewables business to Brookfield Asset Management.

National Grid Renewables develops, constructs, owns, and operates utility-scale, solar, onshore wind and battery storage assets in the US, with 1.8GW in operation and 1.3GW under construction.

The terms of the transaction imply an enterprise value for National Grid Renewables of $1.735bn and the deal is subject to certain consents and regulatory approvals. Subject to these clearances, National Grid expects that the transaction will complete in the first half of the financial year ending 31 March 2026.

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