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National Grid Acquires Renewable Energy Developer

Acquisition to offer customers increasingly high quality, competitive renewable generation.

National Grid through its competitive non-regulated unit National Grid Ventures (NGV), recently completed its US$100 million acquisition of Geronimo Energy a wind and solar developer in North America. The deal, which was announced on March 7, 2019, has now satisfied all regulatory requirements and closing conditions.

National Grid has also entered into a joint venture agreement with Washington State Investment Board (WSIB). The company contributed approximately US$125 million for a 51% controlling share in the joint venture which acquired 379 MW of solar and wind generation projects from Geronimo Renewable Infrastructure Partners.

“The announcement underscores National Grid’s commitment to the decarbonization of our energy system. We believe in the long-term growth potential of renewable generation, driven by consumer demand and technological advances,” said Badar Khan, president of NGV.

Geronimo Energy has developed over 2200 MW of wind and solar energy projects that are operational or currently under construction. The utility has a strong track record of being farmer-friendly, community-driven, and customer focused, which aligns with National Grid’s core values. Geronimo Energy will continue to be headquartered in Minneapolis, with satellite development offices and operational project facilities located throughout the country.

 

TAGS: Renewables
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