28/02/2025
The deal comes as developers are waiting for news on the durability of the tax breaks enshrined in the Inflation Reduction Act passed by former President Joe Biden. So far, Trump's actions have been focused mainly on offshore wind power.
The transaction is expected to close in the first half of the fiscal year ending March 31, 2026. It is part of a £6.8 billion ($8.6 billion) capital raising program announced last year by National Grid to fund investments in the grid.
The deal is Brookfield's latest major investment in renewable energy, following last year's £1.75 billion stake in UK offshore wind farms. It demonstrates Brookfield's commitment to the sector and ability to make counter-cyclical bets after investor enthusiasm waned in recent years.
National Grid's renewable energy division develops, builds, owns and operates large solar parks, onshore wind farms, and battery storage facilities in the United States. It has 1.8 gigawatts in operation and another 1.3 gigawatts under construction.