Brookfield Renewable, along with its institutional partners, has acquired clean power developer Urban Grid. Its pipeline of projects comprises approximately 13,000MW of utility-scale sun and 7,000MW storage capacity. This acquisition cost $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 will continue to operate under the Urban Grid brand as an independent power producer. It currently has close to 2,000 MW in construction or ready-to build solar projects and an additional 4,000MW of 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.”
Urban Grid was established in 2010 and has successfully developed utility-scale solar projects and energy storage facilities through every stage of the development process, including site acquisition, 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.”