By Stephen Nakrosis

Brookfield Renewable will buy the unregulated utility scale commercial renewables business of Duke Energy in a deal valued at about $2.8 billion, the companies said Monday.

The sale includes over 3,400MW of scale solar, wind and battery storage, along with operations, projects currently under construction, and other assets, the companies said. The primary operations of the commercial renewables business will remain in Charlotte, N.C. and Duke Energy employees will transition to Brookfield "to maintain business continuity for its operations and customers," according to the companies.

Duke said it expects net proceeds of about $1.1 billion from the deal. Lynn Good, Duke's chair, president and chief executive, said "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."

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

June 12, 2023 17:00 ET (21:00 GMT)

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