July 15 (Renewables Now) - UK electricity and gas utility National Grid (LON:NG) has wrapped up its USD-100-million (EUR 88.8m) acquisition of US wind and solar developer Geronimo Energy.
National Grid completed the transaction through its competitive non-regulated unit National Grid Ventures (NGV).
Furthermore, it sealed an agreement with Washington State Investment Board (WSIB) to take a 51% stake in a joint venture that bought about 379 MW of solar and wind projects from Geronimo Renewable Infrastructure Partners. National Grid said it paid some USD 125 million for the controlling interest.
Minneapolis-based Geronimo Energy has developed more than 2,200 MW of wind and solar projects to date and has a “strong” pipeline of schemes in various stages of development throughout the country.
(USD 1.0 = EUR 0.888)