British multinational electricity and gas utility company National Grid has entered into an agreement to acquire US-based clean energy developer Geronimo Energy for $100m in order to expand its presence in the US.

National Grid has also agreed to make further payments, subject to the development of the project pipeline.

Established in 2004, Geronimo Energy has developed and sold more than 2.2GW of wind and solar projects currently in operations or under development.

Additionally, National Grid is advancing an agreement with Geronimo to acquire a 51% stake in 378MW of solar and wind generation projects for $125m.

“Established in 2004, Geronimo Energy has developed and sold more than 2.2GW of wind and solar projects currently in operations or under development.”

With a long-term power purchase agreement (PPA) in place, the projects will be jointly owned by National Grid and Washington State Investment Board (WSIB) and will be operated by the British company.

Once the deal is finalised, the joint venture (JV) with WSIB will hold the right of the first offer on projects to be developed by Geronimo Energy in the future.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

National Grid said that its investment in the projects is in line with its long-term strategy.

The completion of both the deals is subject to approval, with the closing expected to take place in the second quarter of this year.