National Grid sells US renewables unit to Brookfield for $1.7 billion

National Grid has reached an agreement to sell its US onshore renewables division to Brookfield Asset Management for approximately $1.735 billion. This sale is part of National Grid's strategy, announced in May 2024, to focus on its core networks and streamline operations. The transaction is expected to complete by the end of September, pending regulatory approvals. National Grid Renewables operates solar, wind, and battery storage assets, with 1.8 gigawatts currently operational and an additional 1.3 gigawatts under construction. The sale aligns with National Grid's broader investment plan to allocate £60 billion towards network upgrades by the end of the decade, with a significant portion earmarked for the UK. This move also includes the divestment of its UK liquid natural gas asset, Grain LNG.