National Grid announced Monday that it has reached an agreement to sell its U.S.-based renewable energy arm to Canadian asset management giant Brookfield for $1.74 billion in cash. The move marks Brookfield’s latest strategic expansion into the booming green energy sector, reinforcing its stake in the global transition toward renewables.
The Deal Breakdown
The British energy titan expects to finalize the sale of National Grid Renewables’ onshore wind assets by September, pending regulatory approvals from the Federal Energy Regulatory Commission and compliance with the Hart–Scott–Rodino antitrust act.
Skadden Arps Slate Meagher & Flom LLP is leading Brookfield’s legal counsel, with a team including M&A expert Katherine Ashley, energy and infrastructure specialists Aryan Moniri and Joyce Chang, and tax partner Sean Shimamoto.
Meanwhile, National Grid PLC is being advised by Morgan Lewis & Bockius LLP, with Citi handling financial advisory services.
A Renewable Energy Powerhouse
National Grid Renewables operates and develops solar, onshore wind, and battery storage projects across the U.S., boasting 1.8 gigawatts of energy capacity—enough to power a city of nearly two million people. An additional 1.3 gigawatts of renewable projects are currently under construction.
