National Grid has agreed to buy Geronimo Energy, a leading clean energy developer based in Minneapolis, Minnesota for $100m, with potential further payments subject to successful development of the project pipeline.
National Grid is also progressing with an agreement to acquire a 51% share in 378MW of solar and wind generation projects developed by Geronimo (in operation and under construction) for $125m.
The projects, which have long-term power purchase agreements in place, will be jointly owned by National Grid and Washington State Investment Board (WSIB) and operated by National Grid.
Geronimo Energy was founded in 2004 and is headquartered in Minneapolis. It has developed and sold over 2,200 megawatts of wind and solar projects that are either operational or currently under construction, with a significant development pipeline in various stages throughout the United States.