Brookfield Asset Management will acquire National Grid’s US onshore renewables unit for $1.74bn (£1.37bn). 

The deal will close by the end of September. National Grid is pruning its portfolio to focus on its core network operations. It aims to invest approximately £35bn (around $46bn) in its electricity-transmission wing by March 2031.
This investment will nearly double the UK’s energy transmission capacity. Furthermore, National Grid plans to exit its UK LNG asset, Grain LNG.

The renewables unit includes solar, onshore wind, and battery storage assets across the US. National Grid stated, “This transaction is another important step in delivering National Grid’s previously communicated strategy to focus on networks and streamline our business, as announced in May 2024.”
The sale enables National Grid to redirect capital toward its major investment plans. In doing so, Brookfield underlines its commitment to the energy transition and renewable growth.