LONDON (ShareCast) - (Sharecast News) - National Grid has entered into an agreement to acquire Geronimo Energy - a clean energy developer based in Minneapolis - it announced on Thursday.
The FTSE 100 energy infrastructure operator said it had agreed to pay $100m, with potential further payments subject to successful development of the project pipeline.

It was also progressing an agreement to acquire a 51% share in 378 MW of solar and wind generation projects developed by Geronimo, both in operation and under construction, for $125m.

The projects, which had long-term power purchase agreements in place, would be jointly owned by National Grid and the Washington State Investment Board (WSIB), and operated by National Grid.

Once finalised, the joint venture with WSIB would have the right of first offer on future projects developed by Geronimo Energy.

National Grid's board said the investment was consistent with its long-term strategy of "evolving the group for the future".

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

"Founded in 2004, Geronimo Energy is headquartered in Minneapolis, Minnesota," the National Grid board said in its statement.

"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."

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