Brookfield Asset Management has agreed to acquire a 19.7% non-controlling stake in Duke Energy’s Florida utility business in a $6bn all-cash deal, as demand for power infrastructure continues to rise across the state, according to a report by Bloomberg.
The investment, made through Brookfield’s Super-Core Infrastructure strategy, will be deployed through 2028. Duke said the transaction will support an increase in its five-year Florida capex plan to $16bn, up from $12bn, through 2029.
The move comes as utilities look to fund grid expansion amid surging electricity demand linked to AI-driven data centre growth and broader electrification trends, without resorting to equity dilution or higher leverage.
Brookfield’s deal follows a broader trend of minority infrastructure stakes changing hands. In recent months, AEP sold part of its transmission business to KKR and PSP Investments, while FirstEnergy divested an additional stake in its grid operations to a Brookfield affiliate.
Florida remains a high-growth energy market, posting the fastest population growth in the US in 2024, second only to Texas. Duke recently secured regulatory approval for $1.1bn in storm recovery costs following last year’s hurricane season.
It also announced the sale of its Tennessee natural gas assets to Spire, as part of a strategy to streamline operations and raise capital.
Proceeds from the Brookfield deal will be used to reduce debt and improve Duke’s credit profile, the company said. The transaction is expected to close in early 2026, pending approvals from the Federal Energy Regulatory Commission, CFIUS, and potentially the US Nuclear Regulatory Commission.
