Brookfield Asset Management agreed to purchase National Grid's renewable energy business, including its utility-scale solar, onshore wind and battery-storage U.S. assets.

Britain's National Grid has reached a deal to sell its U.S. onshore renewables business to Canadian investment firm Brookfield Asset Management for $1.74 billion including debt, it said on Monday.

The deal values National Grid Renewables - the US project development arm of the UK's National Grid - at approximately US$1.735 billion.