Brookfield Renewable buys Urban Grid for US$650M, tripling U.S. development pipeline

TORONTO - Brookfield Renewable has bought clear energy developer City Grid for US$650 million, making it one of many largest renewable power builders in the USA.

The corporate says the addition of City Grid’s tasks roughly triples its U.S. growth pipeline to about 31,000 megawatts of capability.

Mitch Davidson, chief govt officer of Brookfield Renewable’s U.S. enterprise, says the acquisition offers the corporate with strategic entry to key U.S. markets, deepening its growth capabilities and accelerating its progress.

Brookfield Renewable operates one of many world’s largest publicly traded, pure-play renewable energy platforms, with a portfolio of hydroelectric, wind, photo voltaic and storage amenities in North America, South America, Europe and Asia.

City Grid has utility-scale photo voltaic and power storage tasks totaling about 20,000 megawatts of deliberate capability throughout 12 U.S. states.

The corporate says it has almost 2,000 megawatts of under-construction or ready-to-build photo voltaic tasks, with a further 4,000 megawatts of derisked superior stage buildout alternatives.

Frank DePew, president and CEO of City Grid, says the acquisition by Brookfield Renewable will allow City Grid to enter the subsequent part of progress.

This report by The Canadian Press was first printed Jan. 26, 2022.

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