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National Grid has announced an agreement to acquire Geronimo Energy, a clean energy company based in Minneapolis, MN, USA. National Grid has agreed to pay US$ 100 million, with potential for further payments subject to successful development of the project pipeline.
Founded in 2004, Geronimo has developed over 2,200MW of wind and solar energy projects that are operational or currently under construction and has a multi-gigawatt development pipeline of wind and solar projects in various stages of development throughout the USA. Geronimo’s team will continue to be headquartered in Minneapolis, with satellite development offices and operational project facilities located throughout the country.
National Grid is also progressing an agreement to acquire a 51% share in 378MW of solar and wind generation projects developed by Geronimo (in operation and under construction) for US$ 125 million. The projects, which have long-term power purchase arrangements in place, will be jointly owned by National Grid and Washington State Investment Board (WSIB), and operated by National Grid. Once finalised, the joint venture with WSIB will have right of first offer on future projects developed by Geronimo Energy.
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