National Grid also entered into a joint venture agreement with Washington State Investment Board (WSIB). Image: National Grid
National Grid, through its competitive non-regulated unit National Grid Ventures (NGV), has completed its US$100 million acquisition of North American wind and solar company Geronimo Energy.
The deal, announced back in March 2019, has now satisfied all regulatory requirements and closing conditions.
National Grid also entered into a joint venture agreement with Washington State Investment Board (WSIB), in which National Grid will contribute $125 million for a 51% controlling share in the joint venture, which acquired 379MW of PV and wind generation projects from Geronimo Renewable Infrastructure Partners. Geronimo Energy will continue to be headquartered in Minneapolis, with satellite development offices and operational project facilities located throughout the country.
Badar Khan, president of National Grid Ventures, said: “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.”
Blake Nixon, chief executive officer for Geronimo Energy, added: “We’re very pleased to have officially joined the National Grid family today. 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.”
Now in its sixth successful year, Solar & Storage Finance USA is the only event which looks at raising capital for solar, storage and collocated solar and storage projects in the USA. The conference will help delegates understand how providers are evolving propositions for storage and how they can access capital for standalone solar or storage, and co-located projects. Meet debt providers, funders, utilities, corporate off takers and blue chip energy firms with capital to invest and developers with credible pipelines.