Brookfield Renewable nets 13GW solar pipeline through Urban Grid acquisition

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
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.

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.

14 June 2022
Join us in Napa to unlock the key to reliable PV module supply to the U.S. market in 2022 & 2023. We'll also be gathering the main players in the US solar market for some wine tasting!

Read Next

May 27, 2022
The CEO of US solar and energy storage developer Borrego has said the company’s project development business will be less capital constrained under the new ownership of investment firm ECP, following a deal announced earlier this week to spin off and sell the unit.
May 26, 2022
US solar and energy storage developer Borrego will spin off and sell its development business, including its more than 8.4GW PV project pipeline, to investment firm ECP.
May 26, 2022
Spanish utility Iberdrola will invest €3 billion (US$3.2 billion) in green hydrogen, the company’s chairman, Ignacio Galán, has announced as he called for a stable European framework to boost investment in the technology.
May 26, 2022
The Solar Media Podcast returns to discuss the continued rise of TOPCon PV modules and energy storage demand throughout Europe.
May 25, 2022
Energy storage solutions provider Convergent Energy + Power has completed a solar-plus-storage plant in Upstate New York that was built as a ‘non-wires alternative’ to more expensive network upgrades.
May 25, 2022
TotalEnergies has made its “largest investment in US renewables” to date, acquiring a stake in developer Clearway Energy.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 7, 2022
Leonardo Royal London City, London, UK
Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
June 22, 2022
Sheraton Austin Hotel at the Capitol, Austin, Texas