24th February 2025 – Press release
National Grid plc (“National Grid”) today announces that it has agreed to sell its National Grid Renewables US onshore renewables business to Brookfield Asset Management and its institutional partners including Brookfield Renewable Partners.This transaction is another important step in delivering National Grid’s previously communicated strategy to focus on networks and streamline our business, as announced in May 2024.
The terms of the transaction imply an enterprise value for National Grid Renewables of $1.735 billion. The final cash consideration will be subject to customary completion adjustments.
Completion of the transaction will be 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.
About National Grid Renewables
National Grid Renewables develops, constructs, owns, and operates utility-scale, solar, onshore wind and battery storage assets in the United States of America, with 1.8GW in operation and 1.3GW under construction.
About National Grid plc
National Grid lies at the heart of a transforming energy system, spanning the UK and the US. Our businesses supply gas and electricity, safely, reliably and efficiently to millions of customers and communities. But we also drive change through engineering innovation and by incubating new ideas with the power to revolutionise our industry.
National Grid is pioneering ways to decarbonise the energy system including delivering The Great Grid Upgrade – the largest overhaul of the UK grid in generations – and building the Upstate Upgrade, the largest investment in New York’s electricity transmission network for over a century.
As one of the largest investor-owned energy companies in the world, National Grid is at the centre of a clean, fair and affordable energy future, and is one of the FTSE’s largest investors in the energy transition.