April 2019

National Grid to acquire renewable energy developer Geronimo Energy

National Grid has announced an agreement to acquire Geronimo Energy, a leading clean energy company based in Minneapolis, MN. National Grid has agreed to pay $100 million, with potential for further payments subject to successful development of the project pipeline.

National Grid already plays a key role in accelerating the growth of renewables and low carbon generation across the United States and Great Britain. This acquisition will be led by National Grid's competitive business unit, National Grid Ventures.

Founded in 2004, Geronimo has developed over 2,200 megawatts of wind and solar energy projects that are operational or currently under construction, representing over 10 percent of all wind generation developed in the Midwest, and has a multi-gigawatt development pipeline of wind and solar projects in various stages of development throughout the U.S. Geronimo has a strong track record of being farmer-friendly, community-driven and customer focused, which aligns strongly with National Grid's values, says the company.

"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," added Daniel Westerman, president of Renewables & Distributed Energy for National Grid Ventures.

Geronimo's team will continue to be headquartered in Minneapolis, with satellite development offices and operational project facilities located throughout the country.

"We are very pleased to be joining National Grid, a leader in the industry that shares our corporate values and community focus", said Blake Nixon, CEO of Geronimo Energy. "With National Grid's expertise and capital strength, Geronimo will be able to better deliver innovative and effective renewable energy solutions for our customers."

National Grid is also progressing an agreement to acquire a 51 percent share in 378 MW of solar and wind generation projects developed by Geronimo (in operation and under construction) for $125 million. The projects, which have long-term power purchase arrangements in place, will be jointly owned by National Grid and Washington State Investment Board (WSIB), and operated by National Grid. Once finalized, the joint venture with WSIB will have right of first offer on future projects developed by Geronimo Energy.

http://www.nationalgrid.com