Duke Energy, a Fortune 150 company and one of America’s largest energy holding companies, announced that it has reached an agreement to sell its unregulated commercial utility-scale renewable energy business to a global renewable energy company Brookfield Renewable (Brookfield) at an enterprise value of approximately $2.8 billion, including non-controlling tax interests and debt assumption.

This agreement for the commercial renewable energy business covers over 3,400 MW_ac of solar, wind and battery storage at utility scale across the US, taking into account the ownership structure of the joint venture partners, encompassing an extensive collection of projects that includes not only operational assets, but also projects in the pipeline and under construction.

“As one of the largest renewable energy operators in the country, Brookfield has the resources to support the continued growth and success of the Commercial Renewables portfolio,” said Lynn Good, Chairwoman, President and CEO of Duke Energy.

Duke Energy’s expected net proceeds from this transaction are approximately $1.1 billion, subject to certain customary adjustments.

The company will use the proceeds to strengthen its balance sheet and avoid additional issuance of holding company debt. This will enable the company Focus on growing its regulated businessesincluding investments to improve grid reliability and integrate over 30,000 MW of regulated renewable energy into its system by 2035.

“With this acquisition, we are adding a large-scale renewable energy operations platform that has deep in-house capabilities and a proven management team with operations and development experience,” said Connor Teskey, CEO of Brookfield Renewable.

Teskey also said this project pipeline expansion further solidifies its status as a dominant player in the US renewable energy sector, with an impressive portfolio that includes nearly 90,000 MW of operational and development assets.

The sale is subject to satisfaction of customary closing conditions, including regulatory approval by the Federal Energy Regulatory Commission and the expiration of the waiting period under the Hart-Scott-Rodino Act.

The acquired company’s primary operations will remain in Charlotte, North Carolina. The employees who supported the business at Duke Energy will now work for Brookfield to ensure operations and customer service remain uninterrupted.