National Grid completes acquisition of Geronimo Energy

Investor-owned electricity and gas company National Grid US, headquartered in Massachusetts and part of National Grid UK, through its competitive non-regulated unit National Grid Ventures (NGV), completed its $100 million acquisition of wind and solar project developer Geronimo Energy. National Grid has also entered into a joint venture agreement with Washington State Investment Board (WSIB). The company contributed approximately $125 million for a 51 percent controlling share in the joint venture which acquired 379 MW of solar and wind generation projects from Geronimo Renewable Infrastructure Partners. The other 49 percent is owned by WSIB.
Founded in 2004, Geronimo Energy has developed over 2,200 MW 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 will continue to be headquartered in Minneapolis, with satellite development offices and operational project facilities located throughout the country.
National Grid’s is a British investor owned utility, serving more than 20 million people in New York, Massachusetts, and Rhode Island. The company also owns and operates networks and systems that deliver electricity and gas across Great Britain. National Grid Ventures develops, operates and invests in energy projects, technologies, and partnerships across UK, Europe and the United States.
© PHOTON

Related News