National Grid PLC (LSE:NG.) told investors it has completed the sale of its US-based renewables business, National Grid Renewables, to Brookfield Asset Management. The company said the transaction, valued at $1.7 billion (£1.3 billion) on an enterprise basis, supports its previously announced strategy to sharpen its focus on core energy networks.
The deal includes 1.8GW of operational and 1.3GW of under-construction solar, wind, and battery storage assets across the US.
In a February announcement, National Grid said the sale represented a further milestone in its strategic plan, first outlined in May 2024, to streamline operations and concentrate capital on building and maintaining resilient energy networks. The company, one of the world’s largest publicly listed energy infrastructure businesses, said it continues to play a leading role in the global energy transition, helping to deliver cleaner, affordable power across the UK and the US.