(Adds details on deal)
June 12 (Reuters) - Duke Energy Corp said on Monday it has agreed to sell its unregulated utility scale Commercial Renewables business to renewable power assets operator Brookfield Renewable in a deal valued at about $2.8 billion.
Duke said it expects net proceeds of about $1.1 billion from the deal, which the energy company will use to strengthen its balance sheet, avoid additional debt and ramp up investments in its regulated businesses.
The sale agreement includes more than 3,400 megawatts of utility-scale solar, wind and battery storage across the United States, along with operations, new project development and current projects under construction.
The deal is expected to close by the end of 2023, Duke said, adding proceeds from the sale would also help improve grid reliability and incorporate more than 30,000 megawatts of regulated renewable energy into its system by 2035. (Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra Eluri and Pooja Desai)
