North Carolina-based Duke Energy has finalised the divestment of its unregulated utility-scale commercial renewables business to asset management company Brookfield.

This deal, valued at $2.8bn, was announced in June 2023.

The company will utilise the proceeds to bolster its balance sheet and avoid debt issuances, and can now focus on its regulated businesses.

It will invest to enhance grid stability, and plans to deploy 30GW of regulated renewable energy by 2035.

Prior to the acquisition, the business was developing and operating 5.9GW of renewable power assets.

The portfolio includes utility-scale solar, wind and battery storage projects, some operational and others still under construction. Its development pipeline totals 6.1GW.

The newly acquired business has been renamed Deriva Energy. It will continue to develop and operate clean energy projects in the US.

Primary operations of Deriva Energy will continue from Charlotte, North Carolina. Duke Energy staff will join Brookfield as part of the deal.

Duke Energy chair, president and CEO Lynn Good stated: “The completion of this sale marks the final step in our transition to a fully regulated utility. As we work to address the growing needs of our customers in our regulated jurisdictions, we will continue investing in cleaner energy resources and significant grid enhancements that will deliver value and energy resiliency to our customers and stakeholders.”

Deriva Energy president Chris Fallon stated: “Today is a significant milestone for our business and opens an exciting new chapter in our history. We are now an independent developer, owner and operator of clean energy projects, with the backing of Brookfield, one of the world's largest owners and operators of renewable power.

“As part of Brookfield, we have access to capital for growth and a wealth of operating expertise, which will enable us to continue our leadership in clean energy for many years to come.”