National Grid announced an agreement to acquire Geronimo Energy, a clean energy company based in Minneapolis, MN. According to the companies, National Grid has agreed to pay $100 million for the transaction, with the potential for further payments subject to successful development of the project pipeline.
In addition to regulated utility operations, National Grid helps bring low carbon power to UK consumers through a portfolio of subsea interconnectors, and has a growing portfolio of renewable energy interests in the United States including battery storage, solar and offshore wind development partnerships. It also plays a key role in accelerating the growth of renewables and low carbon generation across the United States and Great Britain.
This acquisition will be led by National Grid’s competitive business unit, National Grid Ventures.
“National Grid is committed to the evolution and decarbonization of our energy system,” said Badar Khan, president of National Grid Ventures. “Renewable power, such as wind and solar generation is a core component of the future energy system. Strong, ongoing growth in renewable energy is fueled by robust demand and underpinned by significant reductions in the cost of renewable technologies, often making wind and solar generation among the cheapest forms of energy for consumers.”
Founded in 2004, Geronimo has developed over 2,200 MW of wind and solar energy projects that are operational or currently under construction, representing over 10% of all wind generation developed in the mid-west, and has a multi-gigawatt development pipeline of wind and solar projects in various stages of development throughout the U.S.
‘We look forward to continuing to foster their entrepreneurial and community-driven culture, as well as complementing their strength in development of renewable generation with National Grid’s capabilities in large-scale engineering projects and asset management,” said Daniel Westerman, president of Renewables & Distributed Energy for National Grid Ventures.
Geronimo’s team will continue to be headquartered in Minneapolis, with satellite development offices and operational project facilities located throughout the country.