Brookfield Renewable Buys Urban Grid, Triples US Pipeline to 31GW

Bermuda-headquartered Brookfield Renewable, which owns and operates renewable power assets, has acquired clean power developer Urban Grid and its pipeline of projects comprising approximately 13 GW of utility-scale solar and 7 GW of energy storage capacity for $650 million.

The addition of Urban Grid’s projects approximately triples Brookfield Renewable’s U.S. development pipeline to approximately 31 GW of capacity, making it one of the largest renewable developers in the country, claims the company.

Urban Grid, which will continue under the Urban Grid brand name as an independent power producer (IPP), operates renewable projects across key markets in the U.S. including the mid-Atlantic, Midwest and Southeast. It reportedly has nearly 2 MW of under construction or ready-to-build solar projects, with an additional 4 MW of de-risked advanced stage buildout opportunities.

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“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,” said Mitch Davidson, Chief Executive Officer of Brookfield Renewable’s U.S. business.

“Urban Grid’s team not only deepens our development capabilities, but it also provides strategic access to key U.S. markets, serving as the perfect catalyst to accelerate Brookfield Renewable’s growth,” he added.

“Brookfield Renewable is the right home for Urban Grid. Our exceptional team and extraordinary portfolio combine to complement and expand Brookfield’s U.S. development operations, and this move enables the next phase of growth for our organizations,” said Frank DePew, President and Chief Executive Officer of Urban Grid.

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“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,” he added.

Nomura Greentech acted as Urban Grid’s exclusive financial advisor and Orrick, Herrington & Sutcliffe LLP served as Urban Grid’s legal advisor. Sidley Austin LLP served as legal advisor to Brookfield Renewable.