National Grid, an investor-owned utility serving New York, Massachusetts and Rhode Island, completed its $100 million acquisition of solar and wind developer Geronimo Energy through its competitive non-regulated unit National Grid Ventures (NGV). 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’). National Grid contributed approximately $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.
“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.
Founded in 2004, Geronimo Energy has developed over 2,200 megawatts of wind and solar energy projects that are operational or currently under construction.
The company also has a strong development pipeline of projects in various stages of development throughout the United States. Geronimo Energy 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.
“We’re very pleased to have officially joined the National Grid family today,” said Blake Nixon, CEO of Geronimo Energy. “With our joint expertise, we have an exciting opportunity to grow our project portfolio, expand upon our commitments to project host communities and landowners, and offer our customers increasingly high quality, competitive renewable generation.”
News item from National Grid