National Grid sells US renewables arm in £1.4bn deal

National Grid has agreed to sell its US onshore renewables business to Brookfield Asset Management in a deal valuing the division at 1.74 billion US dollars (£1.37 billion).

The deal is expected to complete by the end of September.

The FTSE 100-listed energy infrastructure group, which runs much of Britain’s electricity grid, is selling off parts of its portfolio to help fund investment plans.

National Grid said: “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 group said in December that it would invest £35 billion in its electricity-transmission business over the five years to March 2031 under aims to almost double the amount of energy that can be transported around the UK.

It comes as part of a wider spending plan to invest about £60 billion in networks before the end of the decade, with more than £30 billion of that going to England, Scotland and Wales.

As well as its move to offload National Grid Renewables in the US, the transmission giant is also selling its UK liquid natural gas asset, Grain LNG.

National Grid Renewables develops, constructs, owns and runs solar, onshore wind farms and battery storage assets in the US.