Geronimo Energy acquired for $100 M
US: National Grid utility acquired renewables developer Geronimo Energy for $100 M.
The utility, which operates transmission systems in New York, Massachusetts and Rhode Island, as well as the UK, plans to add at least 400 MW of new renewable energy projects per year.
Minnesota-based Geronimo has developed more than 2.3 GW of wind and solar PV projects that are now in operation or under construction. It also has a “multi-gigawatt” pipeline of wind and solar PV projects in various stages of development throughout the United States.
National Grid has also formed a joint venture (JV) with the Washington State Investment Board (WSIB), contributing about $125 M for a 51 % controlling share in the partnership.
The JV has acquired 379 MW of wind and solar PV projects from Geronimo Renewable Infrastructure Partners. The projects are either in operation or under construction, and have long-term power purchase agreements in place.
Source: Wind Power Monthly