National Grid (NGG.US) has sold its U.S. onshore renewable energy business to Brookfield Asset Management (BAM.US).

British National Grid PLC (NGG.US) has agreed to sell its U.S. onshore renewable energy business to Brookfield Asset Management Inc (BAM.US) for $1.7bn as President Trump vowed to curb the development of green power.

The deal comes as developers are watching the extension of tax incentives in the Inflation Reduction Act signed by former President Biden, which mainly targeted offshore wind, and the executive branch has limited ability to intervene unilaterally on the facilities built mainly on private land and supported by both parties.

The transaction is expected to be completed in the first half of the fiscal year ending March 31, 2026, according to a statement on Monday.

The business being sold covers the development, construction, ownership and operation of large solar, onshore wind and battery storage assets, with current operations of 1.8 gigawatts and 1.3 gigawatts under construction.

British National Grid retains its electricity and gas networks serving more than 20m users in New York and Massachusetts, as well as a joint venture with RWE AG in the northeast to develop offshore wind projects established during the previous administration.