UK-based power company National Grid announced an agreement to sell its U.S. onshore renewables business, National Grid Renewables to Brookfield Asset Management, in a deal valuing the business at an enterprise value of $1.735 billion.

National Grid Renewables develops, constructs and operates renewable energy production and storage projects across several states in the U.S. The company’s portfolio includes 1.8GW in operation and 1.3GW under construction of utility-scale, solar, onshore wind and battery storage assets. Assets in operation or under construction include over 1.9 GW of solar, 314 MW of wind, and 657 MW of storage.

The deal marks the latest in a series of large-scale clean energy transactions for Brookfield, including the recent acquisitions of a $2.3 billion stake in UK offshore wind farms from Ørsted, a majority stake in France-based renewable energy developer Neoen for $6.6 billion, and Duke Energy’s commercial renewables business for $2.8 billion, renewable energy developer Scout Clean Energy for $1 billion, and of Banks Renewables, one of the UK’s largest independent developers and operators of onshore wind farms for nearly $1 billion.

The agreement follows an announcement in May 2024 by National Grid of plans to streamline its business, with a focus on networks.