Duke Energy (NYSE: DUK) announced it has completed the sale of its unregulated utility-scale Commercial Renewables business to Brookfield, operator of one of the world’s largest publicly traded, pure-play renewable power platforms. The sale agreement was previously announced on June 12, 2023.

Duke Energy will use the proceeds from the transaction to strengthen its balance sheet and avoid additional holding company debt issuances. This will allow the company to focus on the growth of its regulated businesses, including investments to enhance grid reliability and help incorporate over 30,000 megawatts of regulated renewable energy into its system by 2035.

“The completion of this sale marks the final step in our transition to a fully regulated utility,” said Lynn Good, Duke Energy chair, president, and CEO. “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.”

The primary operations of the Commercial 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.

Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are serving as financial advisors to Duke Energy for this transaction. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to Duke Energy.