Brookfield Renewable agreed to acquire National Grid's US renewables business for $1.7 billion, including a portfolio of utility-scale solar, onshore wind, and battery storage assets across the U.S. with 1.8 GW in operation and another 1.3 GW under construction.
The terms of the transaction imply an enterprise value for National Grid Renewables of $1.74 billion. The final cash consideration will be subject to customary completion adjustments.
Completion of the transaction will be subject to certain consents and regulatory approvals. Subject to these clearances, National Grid expects that the transaction will complete in the first half of the financial year ending 31 March 2026.