National Grid told shareholders on Monday it would sell National Grid Renewables for an enterprise value of $1.74billion, including debt, to private equity giant Brookfield and its investment partners.
It said the deal, expected to complete by March next year, is 'another important step in delivering National Grid's previously communicated strategy to focus on networks and streamline our business'.
In December, National Grid unveiled plans to invest £35billion in its electricity-transmission business as part of an upgrade to Britain's energy infrastructure.
National Grid has agreed to sell its US onshore renewables business for around £1.4billion as part of an ongoing strategy shake-up.
It follows the sale of National Grid's Electricity System Operator in September after the Government struck a £630million deal to bring the business back into state hands.
