National Grid (NYSE: NGG) said on Monday that it had agreed to sell its US onshore renewables business to Canadian investment firm Brookfield Asset Management in a deal valued at $1.74 billion including debt.
The deal is expected to be completed in the first half of the financial year to March 31st 2026, National Grid said.
National Grid Renewables, which is based in Minneapolis, develops and operates solar, onshore wind and battery storage assets in the US. It has 1.8 gigawatts of capacity in operation and 1.3 gigawatts under construction.
Stock Performance
The shares of National Grid PLC (NGG) closed 1.44% ($0.88) higher at $62.19 in New York on Monday.
The company’s total market cap now stands at $60.849 billion.
The shares of National Grid PLC (NGG) went down 12.60% in 2024, compared with a 13.32% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have risen 4.66% so far this year.
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