National Grid strengthens US presence with solar developer acquisition

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Altered Energy – Alternative Energy news

Published: 16 Jul 2019, 12:18

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National Grid has completed the $100 million (£80 million) acquisition of US solar and wind developer Geronimo Energy.

The deal, announced in March, comes through National Grid’s non-regulated unit National Grid Ventures and has now satisfied all regulatory requirements and closing conditions.

National Grid also entered into a joint venture agreement with Washington State Investment Board, which saw it contribute approximately $125 million (£100 million) for a 51% controlling share in the joint venture.

Solar and wind generation projects totalling 379MW were acquired by the joint venture from Geronimo Renewable Infrastructure Partners.

Badar Khan, president of National Grid Ventures, said the acquisition “underscores” National Grid’s commitment to the decarbonisation of the energy system.

“We believe in the long-term growth potential of renewable generation, driven by consumer demand and technological advances,” Khan continued.

Original Source

Altered Energy – Alternative Energy news