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National Grid PLC - London-based electricity and gas supplier - Agrees to sell its US onshore renewables business, National Grid Renewables, to Toronto-based Brookfield Asset Management Inc and its institutional partners, including Brookfield Renewable Partners. The transaction terms imply an enterprise value of $1.74 billion, with the deal representing a milestone in its mission to streamline the business, National Grid says in a brief announcement. It notes the ultimate cash consideration is subject to completion adjustments, and it expects the deal to close, subject to approvals and consents, in the first half of the financial year ending March 31, 2026. National Grid notes that its renewables unit ‘develops, constructs, owns, and operates utility-scale, solar, onshore wind and battery storage assets in the US’, with 1.8 gigawatts in operation and 1.3 GW under construction.
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