National Grid (NGG) Buys Geronimo Energy For $100M, Signs JV
Zacks Investment Research | Jul 15, 2019 09:25PM ET
National Grid (LON:NG) PLC (NYSE:NGG) recently announced that its non-regulated unit — National Grid Ventures (NGV) — has completed the acquisition of Geronimo Energy, awind and solar developer in North America. The acquisition was valued at $100 million.
Moreover, the company has invested $125 million to acquire 51% share of 379 megawatts (MW) of solar and wind generation projects from Geronimo Renewable Infrastructure Partners. The buyout has been completed through a joint venture with Washington State Investment Board (‘WSIB’).
These acquisitions will enable National Grid to expand presence in the U.S. renewable generation market.
Focus on U.S. Renewable Business
National Grid’s U.S. business focuses on boosting customer value and transitioning toward clean energy. Aiming to reduce greenhouse gas emissions by 70% by 2030 from 1990 levels, the company is targeting to generate more electricity from renewable sources.
Moreover, in the United States, the company is making successful efforts to pursue opportunities in electricity and gas transmission as well as large-scale renewable options. The recent joint venture with WSIB to acquire Geronimo Energy is the first significant step by the company to enhance renewable generation.
Growing Renewables in the United States
Dependency on fossil fuel,primarily coal, has gradually declined in the past few years owing to awareness of emission-less environment. This is compelling the Zacks Investment Research
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