National Grid Expands Into U.S. Renewables With Geronimo Energy Acquisition
March 07 2019 - 3:59AM
Dow Jones News
By Adria Calatayud
National Grid PLC (NG.LN) said Thursday that it has bought
Minneapolis-based clean-energy developer Geronimo Energy, expanding
its presence in the U.S. renewable-energy sector.
The FTSE 100 utility company said it will pay an initial
consideration of $100 million for Geronimo, with potential further
payments subject to successful development of the project
pipeline.
National Grid is also making progress toward an agreement to buy
a 51% share of solar and wind-generation projects developed by
Geronimo for $125 million. These 378-megawatt projects are
currently in operation and under construction, the company
said.
Both transactions are subject to various approvals and are
expected to close in the second quarter of 2019, National Grid
said.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
March 07, 2019 03:44 ET (08:44 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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