Geronimo Energy Acquired By U.K. Firm for $100 Million
Edina-based wind and solar developer Geronimo Energy has officially been acquired by United Kingdom-based energy giant National Grid. The $100 million deal was first announced in early March.
Under the terms of the agreement, Geronimo Energy will continue to operate in Edina, with work continuing at its development offices and project facilities across the country.
“Today’s announcement underscores National Grid’s commitment to the decarbonization of our energy system,” said Badar Khan, president of National Grid Ventures, in a statement. “We believe in the long-term growth potential of renewable generation, driven by consumer demand and technological advances.”
Founded in 2004, Geronimo Energy has, to date, developed more than 2,200 megawatts of wind and solar energy projects that are either operational or under construction. National Grid plans to support the completion of these in-the-works projects and help develop new projects.
“With our joint expertise, we have an exciting opportunity to grow our project portfolio,” said Geronimo CEO Blake Nixon. “We’re very pleased to have officially joined the National Grid family today.”
In addition to supporting Geronimo projects as part of the acquisition, National Grid contributed $125 million to a joint venture with the Washington State Investment Board (WSIB) to acquire 379 megawatts of solar and wind generation projects.
The contribution gives National Grid a 51 percent controlling share in the venture. For that venture, WSIB restructured a $500 million commitment to Geronimo’s renewable energy fund Geronimo Renewable Infrastructure Partners, according to business publication Institutional Real Estate Inc.
National Grid will manage the Geronimo projects that fall under the joint venture.
In 2018, Minnesota ranked seventh in the country in terms of total generation from wind energy, according to the U.S. Energy Information Administration.