National Grid agrees sale of US renewables business

(Sharecast News) - National Grid has announced the sale of its National Grid Renewables US onshore renewables business to Brookfield Asset Management and its institutional partners, including Brookfield Renewable Partners, on Monday. The FTSE 100 energy infrastructure firm said the move formed a key element of its ongoing strategy to focus on its core networks business and streamline its operations, following a strategic announcement made in May last year.

It said the transaction, which carries an implied enterprise value of $1.735bn, remained subject to customary completion adjustments and awaits the necessary consents and regulatory approvals.

National Grid said it expected the deal to be completed in the first half of the financial year ending 31 March 2026.

It said National Grid Renewables, which develops, constructs, owns and operates utility-scale solar, onshore wind, and battery storage assets in the United States, currently has 1.8GW in operation and an additional 1.3GW under construction.

Reporting by Josh White for Sharecast.com.