Renewable asset management firm Brookfield Renewable, together with its institutional partners, has announced the acquisition of US-based clean power developer Urban Grid and its project pipeline for $650m.
Established in 2010, Urban Grid has a pipeline of 13GW of utility-scale solar power capacity and 7GW of energy storage capacity.
The deal is expected to nearly triple Brookfield Renewable’s capacity in the US to around 31GW.
Brookfield Renewable US CEO Mitch Davidson said: “The joining together of our outstanding teams and adding Urban Grid’s high-quality pipeline of clean energy projects presents an exceptional opportunity for Brookfield Renewable to further establish itself as the leading renewable energy provider in the country.
“Urban Grid’s team not only deepens our development capabilities, but it also provides strategic access to key US markets, serving as the perfect catalyst to accelerate Brookfield Renewable’s growth.”
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Under the terms of the agreement, Urban Grid will continue to operate with its existing brand name in the US.
The company currently has around 2GW of solar capacity under construction or in the ready-to-build phase, as well as 4GW worth of de-risked advanced stage buildout opportunities.
Brookfield Renewable will work with Urban Grid’s team and aims to use its operating and commercial capabilities to optimise the value of Urban Grid’s development pipeline.
Urban Grid president and CEO Frank DePew said: “Brookfield Renewable is the right home for Urban Grid.
“Our exceptional team and extraordinary portfolio combine to complement and expand Brookfield’s US development operations, and this move enables the next phase of growth for our organisations.
“Furthermore, Brookfield’s collaborative culture and entrepreneurial spirit match our DNA.
“With enormous pride and gratitude, I look forward to leading Urban Grid as part of Brookfield to make a meaningful contribution towards achieving a clean energy future.”
In June last year, Danish energy company Ørsted acquired Brookfield Renewable’s Ireland and UK onshore wind business, Brookfield Renewable Ireland.