The non-regulated investment arm of National Grid has completed its $100 million acquisition of wind and solar developer Geronimo Energy.
National Grid Ventures announced in March that it was acquiring Geronimo Energy. Founded in 2004, Geronimo Energy has developed more than 2,200 MW of wind and solar energy projects that are operational or currently under construction.
National Grid also followed through on a previous announcement it would enter into a joint venture with the Washington State Investment Board (WSIB). The utility company is contributing approximately $125 million for a 51 percent controlling stake in the joint venture that acquired 379 MW of solar and wind generation projects from Geronimo Renewable Infrastructure Partners.
“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,” said Badar Khan, president of National Grid Ventures.
According to previous reports, the joint venture with WSIB will have right of first offer on future projects developed by Geronimo Energy.
National Grid Ventures is a spinoff that operates in competitive markets outside National’s core regulated units in the U.S. and United Kingdom. National Grid delivers electricity, natural gas and related services to about 20 million customers in New York, Massachusetts and Rhode Island.
Geronimo Energy will continue to be headquartered in Minneapolis, with satellite development offices and operational project facilities located throughout the country.
“We’re very pleased to have officially joined the National Grid family today,” said Blake Nixon, CEO for Geronimo Energy. “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.”