Brookfield Renewable is buying Duke Energy’s utility-scale renewable energy business for $2.8 billion, the companies announced June 12.

Duke Energy expects the deal involving the unregulated business to close by the end of 2023. The investor-owned utility expects net proceeds of approximately $1.1 billion from the transaction.

Duke began shopping its renewables business in Sept. 2022 as it sought to focus on the growth of its regulated businesses.

“As one of the country’s largest renewable energy operators, Brookfield has the resources to support the continued growth and success of the Commercial Renewables’ portfolio,” Duke Energy CEO Lynn Good said in a statement. “This sale is an important step in our transition into a purely regulated company with significant grid and clean energy investment plans that will deliver benefits to our customers and stakeholders.”

The sale agreement includes more than 3,400 MWac of utility-scale solar, wind, and battery storage across the U.S., net of joint venture partners ownership, in addition to operations, new project development, and current projects under construction.

The primary operations of Duke’s utility-scale renewables business will remain in Charlotte, N.C. and the Duke Energy employees that support the business will transition over to Brookfield to maintain business continuity for its operations and customers, the companies said.

The agreement between Duke and Brookfield is subject to regulator approval by the Federal Energy Regulatory Commission.

Duke said it is still moving forward with a separate sale for its distributed energy business, which the utility also intends to close by the end of the year.

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