Fostering an entrepreneurial and community-driven culture
National Grid, multinational electricity, and gas utility company has announced that it has plans to purchase Geronimo Energy, a leading renewable energy developer. The acquisition will be led by National Grid’s competitive business unit, National Grid Ventures (NGV).
Daniel Westerman, President of Renewables & Distributed Energy for National Grid Ventures stated, “We are excited to welcome the Geronimo team to National Grid. We look forward to continuing to foster their entrepreneurial and community-driven culture, as well as complementing their strength in development of renewable generation with National Grid’s capabilities in large-scale engineering projects and asset management.”
Delivering effective renewable energy solutions for customers
Both deals are in line with National Grid’s strategy to expand its presence in the US renewables market. Blake Nixon, CEO of Geronimo Energy stated, “We are very pleased to be joining National Grid, a leader in the industry that shares our corporate values and community focus,” Further, he added, “With National Grid’s expertise and capital strength, Geronimo will be able to better deliver innovative and effective renewable energy solutions for our customers.”
Decarbonizing solar and wind energy projects
National Grid has plans to acquire a 378 MW of solar and wind generation projects developed by Geronimo. Moreover, these projects are in the stage of construction and operation and are being developed by Geronimo. These projects which include long- term power purchase agreements will be jointly, owned and operated by National Grid and The Washington State Investment Board (WSIB)Once finalized, the joint venture with WSIB will have a right to the first offer on the future projects developed by Geronimo. After obtaining the needed approvals; they are expected to be completed in the second quarter of 2019.
Badar Khan, President of National Grid Ventures stated, “National Grid is committed to the evolution and decarbonization of our energy system. Renewable power, such as wind and solar generation is a core component of the future energy system.” Further, he added, “Strong, ongoing growth in renewable energy is fueled by robust demand and underpinned by significant reductions in the cost of renewable technologies, often making wind and solar generation among the cheapest forms of energy for consumers.”
