National Grid Sells U.S. Onshore Renewables Portfolio to Brookfield in $1.7B Deal

In a bold move amid political uncertainty, asset management giant Brookfield has struck a $1.7 billion deal to acquire National Grid’s U.S. onshore renewables business, signaling strong confidence in the clean energy sector despite President Donald Trump’s rollback of green policies.

National Grid, listed on the London Stock Exchange, put its onshore renewables division up for sale last year as part of a strategy to refocus on core energy networks. The sale includes 3.1 gigawatts of operational and in-development solar, onshore wind, and battery storage assets.

“The scale of the demand growth requires companies to use any and all types of power-generation solutions,” he said earlier this month. “Renewables are going to benefit from that and will play a leading role because of their low-cost position.”

Despite Trump’s recent offshore wind permit freeze and decision to pause billions in renewable energy incentives, Brookfield president Connor Teskey remains optimistic. In a recent interview, he argued that the administration’s emphasis on economic growth, industrialization, and American energy dominance would ultimately drive greater electricity demand, strengthening the case for renewables.

This acquisition is part of Brookfield's broader push into global renewable energy markets. The company recently acquired a majority stake in French power producer Neoen and is actively targeting additional publicly traded energy firms, capitalizing on valuation gaps between public and private markets.

Brookfield’s tech-driven green energy investments have also gained momentum. Last year, the firm signed a landmark agreement with Microsoft to develop 10.5 gigawatts of renewable capacity to power its data centers, a testament to rising corporate demand for clean electricity.

National Grid's sale marks another step in its strategic restructuring. The FTSE 100 company is ramping up electricity network investments to meet growing demand amid the global energy transition. In May 2024, it raised £7 billion via a rights issue to support these efforts. It is also exploring the sale of its liquefied natural gas (LNG) terminal at the Isle of Grain, England.

Previously managed under National Grid Ventures, the U.S. onshore renewables division generated £147 million in operating profits in the six months ending September 2024. The sale is expected to close later this year, marking a major shift in National Grid’s portfolio while reinforcing Brookfield’s dominance in the clean energy sector.