Renewables owner and operator Brookfield Renewable has tripled its US development pipeline to 31GW through the US$650 million acquisition of clean power developer Urban Grid.
The deal sees Brookfield Renewable, an affiliate of Brookfield Asset Management, take on Urban Grid’s pipeline, which includes 13GW of utility-scale solar and 7GW of energy storage across 12 US states.
Virginia-headquartered Urban Grid has nearly 2GW of under construction or ready-to-build solar projects. The business will continue to operate as an independent power producer (IPP) under its current name.
Brookfield Renewable said it will leverage its commercial capabilities to optimise the value of the developer’s pipeline.
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The acquisition follows Urban Grid closing US$275 million of debt refinance that was provided by asset management firm Crayhill Capital Management last October to scale up the developer’s solar and energy storage platform.
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