National Grid has completed its $100 million acquisition of Geronimo Energy, a wind and solar developer in the U.S. Geronimo Energy has operations in Texas, New Mexico and other states but not in Oklahoma and Kansas.
The deal was announced in March and has now satisfied all regulatory requirements and closing conditions. Founded in 2004, Geronimo Energy has developed more than 2,200 megawatts of wind and solar energy projects that are operational or currently under construction.
National Grid has also entered into a joint venture agreement with Washington State Investment Board (‘WSIB’). National Grid contributed approximately $125 million for a 51% controlling share in the joint venture which acquired 379 megawatts of solar and wind generation projects from Geronimo Renewable Infrastructure Partners.
“Today’s 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 National Grid Ventures.
The company also has a strong development pipeline of projects in various stages of development throughout the United States. Geronimo Energy will continue to be headquartered in Minneapolis, with satellite development offices and operational project facilities located throughout the country.
National Grid (LSE: NG; NYSE: NGG) is one of the world’s largest investor owned utilities. It is an electricity, natural gas, and clean energy delivery company serving more than 20 million people through our networks in New York, Massachusetts, and Rhode Island.