British multinational electricity and gas company National Grid has completed the acquisition of US-based wind and solar projects developer Geronimo Energy through its competitive non-regulated unit National Grid Ventures (NGV) for $100m.
Established in 2004, Geronimo Energy has developed more than 2,200MW of wind and solar energy projects. The company also has a pipeline of projects that are currently in various stages of development across the US.
Geronimo Energy will continue to operate from its headquarters in Minneapolis, with satellite development offices and operational project facilities located throughout the country.
National Grid Ventures president Badar Khan said: “Today’s announcement underscores National Grid’s commitment to the decarbonisation of our energy system.
“We believe in the long-term growth potential of renewable generation, driven by consumer demand and technological advances.”
National Grid has entered a joint venture (JV) agreement with the Washington State Investment Board (WSIB).
The company offered nearly $125m to acquire 51% controlling stake in the JV, which acquired 379MW of solar and wind generation projects from Geronimo Renewable Infrastructure Partners.
Geronimo Energy CEO Blake Nixon said: “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 initially entered an agreement to acquire Geronimo Energy to expand into the US market in March 2019. It has also agreed to make further payments, subject to the development of the project pipeline.