National Grid, the UK transmission system operator, has sold its North American renewable energy development business to Canadian asset manager Brookfield.
The deal values National Grid Renewables—the business division in question—at approximately US$1.735 billion. The company said it expects the deal to be complete in the first half of the next financial year, ending 31 March 2026—meaning roughly between April and October 2025.
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National Grid Renewables said the sale was part of its strategy to “focus on networks and streamline our business.”
In acquiring National Grid Renewables, Brookfield will acquire a roughly 3GW portfolio of operational or under-development solar, energy storage and onshore wind assets.
The transaction continues Brookfield’s global accumulation of renewable energy assets. The asset manager bought major US utility Duke Energy’s commercial utility-scale solar business for US$2.8 billion in 2023 – at a time when highly profitable solar assets were being snapped up by investors across the US – and it also owns Scout Clean Energy and Standard Solar, which it bought for around US$2 billion in 2022.
Outside the US, the company recently launched a US$6.1 billion bid to acquire French independent power producer Neoen and has also bought assets in Australia and India to the tune of billions-of-dollars.
Beyond this, last year it launched the second round of its Global Transition Fund, led by Canadian banker and former head of the Bank of England, Mark Carney. The first US$10 billion of this fund was raised in February 2024.
