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Britain’s National Grid (LON:NG) has agreed to sell its U.S. onshore renewables business to Brookfield Asset Management (TSX:BAM) for $1.74 billion, including debt. This move aligns with National Grid’s strategy to focus on its core energy network operations while divesting non-essential assets like its renewables unit and Grain LNG terminal in Britain.
The sale, expected to close in the first half of FY 2025/26, requires regulatory approval. The business, National Grid Renewables, based in Minneapolis, operates 1.8 GW of solar, wind, and battery storage in the U.S., with an additional 1.3 GW under construction.
Brookfield, along with its institutional partners and Brookfield Renewable Partners (NYSE:BEP), is expanding its renewable portfolio across the United States, where it already operates hydropower, wind, solar, and storage assets in 34 states.
Amid a broader trend of energy companies scaling back renewables due to declining profitability, firms like Shell (LON:SHEL), BP (NYSE:BP), and Equinor have also adjusted their low-carbon investment strategies.
Following the announcement, National Grid’s shares rose 1%, reflecting investor confidence in the company’s realignment efforts.
This strategic shift positions National Grid to strengthen its energy transmission and distribution business while Brookfield continues expanding its renewable energy footprint in North America.
