National Grid (NGG) said Monday it has agreed to sell its onshore renewables business in the US to Brookfield Asset Management (BAM) and its partners for an enterprise value of nearly $1.74 billion.

The divestment of National Grid Renewables US is part of National Grid's strategy to streamline its business and focus on networks, the company said.

The transaction, which is subject to certain consents and regulatory approvals, is expected to be completed in H1 of the financial year ending March 31, 2026.