Brookfield Renewable (NYSE: BEP; TSX: BEP.UN), together with its institutional partners, announced the acquisition of clean power developer Urban Grid and its high-quality pipeline of projects comprising approximately 13,000 megawatts of utility-scale solar and 7,000 megawatts of energy storage capacity for $650 million. Urban Grid’s projects also triple Brookfield Renewable’s U.S. development pipeline to approximately 31,000 megawatts of capacity.
Urban Grid has nearly 2,000 megawatts of under construction or ready-to-build solar projects, with an additional 4,000 megawatts of de-risked advanced stage buildout opportunities.
Founded in 2010, Urban Grid has established a reputation for expertise in taking utility-scale solar and energy storage projects through the whole development process, from site acquisition to interconnection, permitting, and commercialization.
*Solar megawatts are presented on a D.C. basis, and storage megawatts are presented on an A.C. basis.