Duke Energy divests utility-scale Commercial Renewables business to Brookfield

Duke Energy has signed an agreement to sell its Commercial Renewables business, an unregulated utility scale, to Brookfield Renewable for roughly US$2.8 billion, which includes non-controlling tax equity interests, in addition to the assumption of debt.

Brookfield will be taking over Duke Energy's operations, new project development, current projects under construction, and more than 3,400 MWac of utility scale solar, wind, and battery storage across the US. The sale will be subject to satisfaction of the usual closing conditions, including regulatory approval by the Federal Energy Regulatory Commission and the waiting period expiration under the Hart-Scott-Rodino Act, expected to close by the close of 2023.

Duke Energy has Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC as financial advisors for this agreement, while Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel.