National Grid Completes Acquisition of Leading Renewable Energy Developer
15 Luglio 2019 - 3:30PM
Business Wire
Today, National Grid (LSE: NG; NYSE: NGG), through its
competitive non-regulated unit National Grid Ventures (NGV),
completed its $100 million acquisition of Geronimo Energy - a
leading wind and solar developer in North America. The deal, which
was announced on March 7th, 2019, has now satisfied all regulatory
requirements and closing conditions.
National Grid has also entered into a joint venture agreement
with Washington State Investment Board (‘WSIB’). National Grid
contributed approximately $125 million for a 51% controlling share
in the joint venture which acquired 379 megawatts of solar and wind
generation projects from Geronimo Renewable Infrastructure
Partners.
“Today’s announcement underscores National Grid’s commitment to
the decarbonization of our energy system. We believe in the
long-term growth potential of renewable generation, driven by
consumer demand and technological advances,” said Badar Khan,
president of National Grid Ventures.
Founded in 2004, Geronimo Energy has developed over 2,200
megawatts of wind and solar energy projects that are operational or
currently under construction.
The company also has a strong development pipeline of projects
in various stages of development throughout the United States.
Geronimo Energy has a strong track record of being farmer-friendly,
community-driven and customer focused, which aligns with National
Grid’s core values. Geronimo Energy will continue to be
headquartered in Minneapolis, with satellite development offices
and operational project facilities located throughout the
country.
“We’re very pleased to have officially joined the National Grid
family today,” said Blake Nixon, chief executive officer for
Geronimo Energy. “With our joint expertise, we have an exciting
opportunity to grow our project portfolio, expand upon our
commitments to project host communities and landowners, and offer
our customers increasingly high quality, competitive renewable
generation.”
About National Grid
National Grid (LSE: NG; NYSE: NGG) is one of the world’s largest
investor owned utilities. We are an electricity, natural gas, and
clean energy delivery company serving more than 20 million people
through our networks in New York, Massachusetts, and Rhode Island,
and we own and operate networks and systems that deliver
electricity and gas across Great Britain.
National Grid is transforming our electricity and natural gas
networks with smarter, cleaner, and more resilient energy solutions
to meet the goal of reducing greenhouse gas emissions by 80 percent
by 2050.
About National Grid Ventures (NGV)
NGV is the competitive, non-regulated division that operates
outside of National Grid’s core regulated businesses in the US and
UK. NGV develops, operates and invests in energy projects,
technologies, and partnerships to help accelerate the development
of a clean energy future for consumers across UK, Europe and the
United States. For more information,
visit www.nationalgrid.com/ventures.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190715005406/en/
Media Contact: Michael WestMichael.West@nationalgrid.comCell:
+1(781)227-0398Investor Relations: Will
JacksonWill.Jackson@nationalgrid.comPh: +44-7584-206578
Grafico Azioni National Grid (LSE:NG.)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni National Grid (LSE:NG.)
Storico
Da Apr 2023 a Apr 2024