Investing.com -- National Grid Plc (LON:NG) has agreed to sell its U.S. onshore renewables business to Brookfield Asset Management (TSX:BAM) for $1.7 billion, a deal that sent the company’s shares up as much as 1.6% on Monday.
The sale comes as president Donald Trump moves to curb the expansion of green energy, creating uncertainty around the future of renewable power incentives.
While his administration has primarily targeted offshore wind, onshore projects—largely developed on private land with bipartisan support—face fewer direct federal hurdles.
The transaction, expected to close in the first half of National Grid’s financial year ending March 31, 2026, is part of a broader £6.8 billion capital raise program to support investment in power infrastructure.
The company’s U.S. renewables unit operates large-scale solar farms, onshore wind projects, and battery storage, with 1.8 gigawatts currently online and another 1.3 gigawatts under construction.
For Brookfield, the deal reinforces its commitment to renewable energy, following its £1.75 billion investment in UK offshore wind last year.