Britain's National Grid has reached a deal to sell its U.S. onshore renewables business to Canadian investment firm Brookfield Asset Management for $1.74 billion including debt, it said on Monday.

National Grid expects the transaction to be completed in the first half of the financial year ending March 31, 2026.

The deal values National Grid Renewables - the US project development arm of the UK's National Grid - at approximately US$1.735 billion.