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National Grid sells its US onshore renewables assets for $1.7 bn

UK energy group National Grid has announced the sale of its US onshore renewables business to Canadian asset manager Brookfield for $1.7 bn. This move is part of its strategy to refocus on electrical networks.

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UK energy giant National Grid confirmed the sale of its onshore renewable energy division in the US to Canadian asset manager Brookfield Asset Management for an enterprise value of $1.735 bn (€1.66 bn). The deal includes the company’s battery storage, solar, and onshore wind assets in the US.

Refocusing on electrical infrastructure

This divestment aligns with National Grid’s new strategy announced in May 2024, which aims to focus its investments on electricity transmission and distribution. The company had previously outlined its intention to sell off its US onshore renewables operations.

Privatised in 1990, National Grid is responsible for electricity transmission across England and Wales. The company plans to invest £35 bn (€42 bn) by 2031 to modernise the UK’s electrical grid. This major project aims to connect new renewable energy sources, particularly offshore wind, to the grid.

Completion expected in 2025

The transaction is expected to close in 2025, subject to regulatory approvals. The sale will allow National Grid to allocate more capital to the transformation of its infrastructure.

The market reacted positively to the news, with National Grid’s stock rising by 1.02% to 968 pence at 08:20 GMT.

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