Brookfield Renewable and its institutional partners have acquired clean power developer Urban Grid and its pipeline of projects comprising approximately 13,000 MW of utility-scale solar and 7,000 MW 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 31,000 MW of capacity.
Urban Grid, which will continue under the Urban Grid brand name as an independent power producer (IPP), has a strong development platform and a robust pipeline of advanced-stage renewable projects across key markets in the U.S. including the mid-Atlantic, Midwest and Southeast. It has nearly 2,000 MW of under construction or ready-to-build solar projects, with an additional 4,000 MW of de-risked advanced stage buildout opportunities.
“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,” says Mitch Davidson, CEO 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.”
Founded in 2010, Urban Grid has taken utility-scale solar and energy storage projects through the full development process, from site acquisition through to interconnection, permitting and commercialization. Brookfield Renewable will leverage its operating and commercial capabilities to optimize the value of Urban Grid’s development pipeline.
“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,” states Frank DePew, president and CEO of Urban Grid. “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.”