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National Grid expands presence in US renewable’s

National Grid (LON:NG) today announced it has entered into an agreement to acquire Geronimo Energy, a leading clean energy developer based in Minneapolis, MN. National Grid has agreed to pay $100m, with potential further payments subject to successful development of the project pipeline.

National Grid is also progressing 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. Once finalised, the joint venture with WSIB will have the right of first offer on future projects developed by Geronimo Energy. This investment is consistent with our long-term strategy of evolving the Group for the future.

Both transactions are subject to various approvals and are expected to close in the second quarter of 2019.

Background:

Founded in 2004, Geronimo Energy is headquartered in Minneapolis, MN. Geronimo 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.