On February 24, 2025, National Grid plc agreed to sell its U.S. onshore renewables business, National Grid Renewables, to Brookfield Asset Management and its institutional partners, including Brookfield Renewable Partners, for an enterprise value of $1.735 billion (approximately CAD 2.51 billion). The transaction aligns with National Grid’s strategy to streamline operations and focus on its core network businesses, as announced in May 2024. The final cash consideration will be subject to customary adjustments. Completion is contingent on regulatory approvals and necessary consents, with closing expected in the first half of National Grid’s financial year ending March 31, 2026.

Morgan, Lewis & Bockius LLP is advising National Grid plc, while Skadden, Arps, Slate, Meagher & Flom LLP is advising Brookfield.