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National Grid Completes Acquisition of Leading Renewable Energy Developer

Power News - Published on Wed, 17 Jul 2019

Image Source: nationalgridu
National Grid through its competitive non-regulated unit National Grid Ventures completed its USD 100 million acquisition of Geronimo Energy a leading wind and solar developer in North America. The deal, which was announced on March 7th, 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. National Grid contributed approximately USD 125 million for a 51% controlling share in the joint venture which acquired 379 megawatts of solar and wind generation projects from Geronimo Renewable Infrastructure Partners.

Mr Badar Khan, president of National Grid Ventures said that “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.”

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.

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Posted By : Ratan Singh on Wed, 17 Jul 2019
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