Parent Of Utility With Retail Choice Acquires Renewable Energy Developer
July 15,2019
National Grid, through its competitive non-regulated unit National Grid Ventures (NGV), has completed its previously reported $100 million acquisition of Geronimo Energy, a wind and solar developer in North America.
National Grid has also entered into a joint venture agreement with Washington State Investment Board (‘WSIB’). National Grid contributed approximately $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.
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 development pipeline of projects in various stages of development throughout the United States.
Geronimo Energy will continue to be headquartered in Minneapolis, with satellite development offices and operational project facilities located throughout the country.