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National Grid expands presence in US renewable's
National Grid expands presence in US renewable's.
About this update from National Grid Plc
[{"type":"text","content":"\n \nRNS Number : 0992S National Grid PLC 07 March 2019 \n\n7 March 2019\n \nNational Grid expands presence\nin US renewable generation\n \nNational Grid today announces it has entered into an agreement to acquire Geronimo Energy, a leading clean energy developer based in Minneapolis, MN. National Grid has agreed to pay $100m, with potential further payments subject to successful development of the project pipeline. \nNational Grid is also progressing an agreement to acquire a 51% share in 378MW of solar and wind generation projects developed by Geronimo (in operation and under construction) for $125m. The projects, which have long-term power purchase agreements in place, will be jointly owned by National Grid and Washington State Investment Board ('WSIB') and operated by National Grid. Once finalised, the joint venture with WSIB will have the right of first offer on future projects developed by Geronimo Energy. This investment is consistent with our long-term strategy of evolving the Group for the future.\nBoth transactions are subject to various approvals and are expected to close in the second quarter of 2019.\nBackground:\nFounded in 2004, Geronimo Energy is headquartered in Minneapolis, MN. Geronimo has developed and sold over 2,200 megawatts of wind and solar projects that are either operational or currently under construction, with a significant development pipeline in various stages throughout the United States.\n \n\n\n\n Investors and Analysts\n\n\n\n\n\n\n\n\n\n\nWill Jackson\n \n\n\n+44 (0) 20 7004 3166 (d) \n\n\n+44 (0) 7584 206 578 (m) \n\n\n\n\n Tom Edwards\n \n\n\n+44 (0) 20 7004 3460 (d) \n\n\n +44 (0) 7976 962 791 (m) \n\n\n\n\n Media \n \n\n\n\n\n\n\n\n\n\n\n Sean Kemp\n\n\n+44 (0) 7960 012356 (m)\n\n\n\n\n\n\n \n \n \n \n \n \nCAUTIONARY STATEMENT \nThis announcement contains certain statements that are neither reported financial results nor other historical information. These statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include information with respect to National Grid's (the Company) financial condition, its results of operat...