UK-based electricity and gas utility National Grid, through its unit National Grid Ventures (NGV) has completed the acquisition of North American wind and solar developer Geronimo Energy for $100m (£80m).
The transaction has been closed following the receipt of all regulatory requirements and closing conditions being satisfied.
Founded in 2004 in Minnesota, Geronimo Energy has developed more than 2GW of wind and solar energy projects that are both operational and currently under construction.
In the US, the company is claimed to have a strong pipeline of projects, which are in various stages of development. Geronimo Energy will continue to be headquartered in Minneapolis, with satellite development offices and operational project facilities located throughout the country.
The acquisition was announced in March this year.
National Grid Ventures president Badar Khan said: “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.”
Geronimo Energy CEO Blake Nixon said: “We’re very pleased to have officially joined the National Grid family today. 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.”
National Grid forms JV to acquire projects from Geronimo Renewable Infrastructure Partners
Besides acquiring Geronimo Energy, National Grid has entered into a joint venture (JV) agreement with Washington State Investment Board (WSIB) and invested about $125m (£100m) for a 51% controlling stake in the JV. The JV acquired 379MW of solar and wind generation projects from Geronimo Renewable Infrastructure Partners.
In February, National Grid filed a regulatory approval to buy energy under a 20-year contract from the new 400MW offshore wind farm, Revolution Wind. Originally developed by Deepwater Wind, the project was acquired by Ørsted. National Grid selected Revolution Wind in coordination with the Rhode Island Office of Energy Resources and the Division of Public Utilities and Carriers.
The wind farm is expected to bring low cost renewable energy to National Grid’s Rhode Island customers, while contributing to the state’s goal of reducing greenhouse gas emissions by 80% below the 1990 level by 2050.
