WALTHAM, Mass.–(BUSINESS WIRE)–Today, National Grid (LSE: NG; NYSE: NGG), through its competitive
non-regulated unit National Grid Ventures (NGV), completed its $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 (‘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.
“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.
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.
“We’re very pleased to have officially joined the National Grid family
today,” said Blake Nixon, chief executive officer 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.”
About National Grid
National Grid (LSE: NG; NYSE: NGG) is one of the world’s largest
investor owned utilities. We are an electricity, natural gas, and clean
energy delivery company serving more than 20 million people through our
networks in New York, Massachusetts, and Rhode Island, and we own and
operate networks and systems that deliver electricity and gas across
Great Britain.
National Grid is transforming our electricity and natural gas networks
with smarter, cleaner, and more resilient energy solutions to meet the
goal of reducing greenhouse gas emissions by 80 percent by 2050.
About National Grid Ventures (NGV)
NGV is the competitive, non-regulated division that operates outside of
National Grid’s core regulated businesses in the US and UK. NGV
develops, operates and invests in energy projects, technologies, and
partnerships to help accelerate the development of a clean energy future
for consumers across UK, Europe and the United States. For more
information, visit www.nationalgrid.com/ventures.
Contacts
Media Contact: Michael West
[email protected]
Cell:
+1(781)227-0398
Investor Relations: Will Jackson
[email protected]
Ph:
+44-7584-206578
