GHG Emissions, Utilities, Sourcing Renewables - July 17, 2019
Utility acquires Geronimo Energy
National Grid, an investor-owned utility, has completed its $100 million acquisition of Geronimo Energy, a leading wind and solar developer in North America. The acquisition was made through its competitive non-regulated unit, National Grid Ventures (NGV).
“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 NGV. National Grid has announced a goal to reduce GHG emissions by 80% by 2050.
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. According to the statement, “The company also has a strong 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.
National Grid is an electricity, natural gas, and clean energy delivery company serving more than 20 million people through their networks in New York, Massachusetts, and Rhode Island, as well as across Great Britain.