National Grid, utilizing its competitive non-regulated unit National Grid Ventures (NGV), accomplished its $100 million acquisition of Geronimo Energy – wind and solar developer in North America. The deal, which was introduced on March 7th, 2019, has now satisfied all regulatory necessities and closing situations.
Based in 2004, Geronimo Energy has developed over 2,200 megawatts of wind and solar power tasks that are operational or at present under the building.
The company additionally has a substantial development pipeline of projects in various stages of growth all through the United States and says it has a robust monitor document of being farmer-pleasant, group-pushed and buyer targeted, which aligns with Nationwide Grid’s core values. Geronimo Energy will proceed to be headquartered in Minneapolis, with satellite development offices and operational challenge services situated all through the country.
National Grid has additionally entered right into a joint venture agreement with Washington State Funding Board (‘WSIB’). National Grid contributed roughly $125 million for a 51% controlling share within the joint venture which acquired 379 megawatts of solar and wind technology initiatives from Geronimo Renewable Infrastructure Partners.
“With our joint expertise, we have an exciting opportunity to develop our project portfolio, develop upon our commitments to venture host communities and landowners, and offer our customers increasingly high quality, aggressive renewable generation.”
“At this time’s announcement underscores National Grid’s commitment to the decarbonization of our energy system. We believe in the long-term progress potential of renewable technology, pushed by consumer demand and technological advances,” stated Badar Khan, president of National Grid Ventures.