National Grid Buys Renewables Developer in $100m Deal

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National Grid has completed the purchase of a wind and solar developer in North America in a deal worth $100 million (£80m).

The acquisition of Geronimo Energy was made through the grid operator’s non-regulated unit. National Grid Ventures (NGV).

It has also entered into a joint venture agreement with Washington State Investment Board. investing around $135 million (£108m) for a 51% controlling share and 379MW of solar and wind projects from Geronimo Renewable Infrastructure Partners.

Geronimo Energy. founded in 2004. has developed more than 2.200MW of wind and solar projects that are either operational or currently under construction.

NGV President Badar Khan said: “Today’s announcement underscores National Grid’s commitment to the decarbonisation of our energy system. We believe in the long term growth potential of renewable generation. driven by consumer demand and technological advances.“