Brookfield Renewable nets 13GW solar pipeline through Urban Grid acquisition

Facebook
Twitter
LinkedIn
Reddit
Email
Urban Grid has nearly 2GW of under construction or ready-to-build solar projects. Image: Urban Grid.

Renewables owner and operator Brookfield Renewable has tripled its US development pipeline to 31GW through the US$650 million acquisition of clean power developer Urban Grid.

The deal sees Brookfield Renewable, an affiliate of Brookfield Asset Management, take on Urban Grid’s pipeline, which includes 13GW of utility-scale solar and 7GW of energy storage across 12 US states.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Virginia-headquartered Urban Grid has nearly 2GW of under construction or ready-to-build solar projects. The business will continue to operate as an independent power producer (IPP) under its current name.

Brookfield Renewable said it will leverage its commercial capabilities to optimise the value of the developer’s pipeline.

“Urban Grid’s team not only deepens our development capabilities, but it also provides strategic access to key US markets, serving as the perfect catalyst to accelerate Brookfield Renewable’s growth,” said Mitch Davidson, CEO of Brookfield Renewable’s US business.

The acquisition follows Urban Grid closing US$275 million of debt refinance that was provided by asset management firm Crayhill Capital Management last October to scale up the developer’s solar and energy storage platform.

Urban Grid CEO Frank DePew, who founded the company in 2010 with an initial focus on commercial and industrial solar, said he will continue to lead the business as part of Brookfield.

Brookfield Renewable’s PV expansion saw it acquire a controlling interest in solar and wind asset owner TerraForm Power in 2017.

The company also owns Luminace, a commercial and industrial PV project developer that earlier this month announced a partnership with solar balance of system solutions provider Shoals Technologies to pursue distributed renewables and electric vehicle charging solutions in the US.

The Urban Grid transaction follows a host of other mergers and acquisitions (M&A) in the global solar sector so far this year, including German asset manager KGAL Investment Management purchasing 50% of renewables developer GP Joule Projects and energy major Shell acquiring PV developer Solar-Konzept Italia.

There were a record 126 M&A transactions in the global solar sector last year, with most deals involving downstream companies, according to research from consultancy Mercom Capital Group.

21 August 2024
5pm BST
FREE WEBINAR -This webinar will feature the perspectives and views of PV Tech’s Head of Research, Dr. Finlay Colville, on how the U.S. PV manufacturing landscape is changing today and when we might expect additions to encompass cells and wafers. This will be followed by a PV Tech special – a look inside one of the first new PV module fabs built in the U.S. this year; SEG Solar’s new site in Texas. Join Jim Wood, CEO at SEG Solar, as he walks around the new factory showing key features and explaining the rational for SEG Solar in making this investment into U.S. PV manufacturing in 2024.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

July 19, 2024
The Energy Storage for Resilient Homes Act would allow residents of the two states to use funding from the Federal Emergency Management Agency (FEMA) to purchase residential BESS.
July 19, 2024
The US Department of Energy (DOE) has issued a loan of up to US$861.3 million to support 200MW of solar PV and 285MW/1,140MWh of battery energy storage system (BESS) projects in Puerto Rico.
July 18, 2024
US energy technology company Generac has been awarded a US$200 million grant from the Department of Energy (DOE) to deploy residential solar PV and energy storage systems in Puerto Rico.
July 12, 2024
Canadian asset owner Brookfield has acquired a majority stake in Indian clean power company Leap Green Energy in a US$200 million equity investment.
July 9, 2024
Aggreko Energy Transition Solutions, a division of power generation equipment supplier Aggreko, has acquired US-based commercial and industrial solar company Infiniti Energy from private equity firm Upper Bay Infrastructure Partners.
July 5, 2024
Dutch independent power producer (IPP) PowerField has put a 52MWh BESS at a PV plant into operation, co-located with a 28MWp solar PV plant, which the company claims is the largest such site in the Netherlands.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA