- The competitive business unit of National Grid, National Grid Ventures, would be leading the acquisition.
- National Grid is also progressing on a deal to purchase a 51% stake in solar & wind projects developed by Geronimo.
National Grid plc. (National Grid), a British multinational gas & electricity utility firm, has reportedly agreed to acquire U.S.-based utility-scale solar & wind energy developer, Geronimo Energy, LLC (Geronimo Energy) in a $100 million deal.
Reports cite, National Grid is also progressing on a deal to purchase a 51% majority stake in solar & wind projects totaling 378 megawatts (MW) developed by Geronimo in a $125 million deal.
According to a press release by National Grid
, the proposed acquisition would be led by National Grid Ventures, the competitive business unit of National Grid. Following the completion of the transaction, the Geronimo team would continue to operate out of its home-base in Minneapolis, Minnesota with its operational project facilities & satellite development offices located across the nation.
Meanwhile, the projects, which possess a long-term PPAs (Power Purchase Agreements), would be jointly owned by the British company & the Washington State Investment Board with National Grid being their sole operator.
Moreover, the joint venture (JV) between National Grid & the Washington State Investment Board would also possess the right to the first offer on any future renewable projects that would be developed by Geronimo Energy.
The CEO of Geronimo Energy, Blake Nixon stated that the company is thrilled to join an industry leader like National Grid as both enterprises share the same corporate values & community focus. Nixon further added that through National Grid’s capital strength & expertise, Geronimo would be able to deliver effective & innovative solutions to its customers.
According to reports, the two transactions are yet to obtain regulatory approvals & are scheduled to be closed by the second quarter (Q2) of 2019.